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Nikkei Markets

Singapore's Wilmar Unit Buying $120 Million Of India's Shree Renuka Sugars

By Glen Nicol Perkinson
Nikkei Markets
SINGAPORE (Jul 28) -- Singapore commodities company Wilmar International's wholly owned unit Wilmar Sugar Holdings is buying $120 million of nonvoting, compulsorily convertible preference shares in India's Shree Renuka Sugars, Wilmar said in an exchange filing Friday.

Shree Renuka Sugars, which is in debt-restructuring talks with its lenders, will use proceeds from the share sale to part-pay its debts and fund working capital requirement, the statement said.

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