Wilmar International

[Choon]

I have been trying to understand and piece together the various pieces of Wilmar's business.

My understanding thus far is that Wilmar's business revolves around four main agri-commodity categories: palm oil, oil grains, grains, and sugar, and that Wilmar's largest business segments are: Food Products and Feed & Industrial Products.

If anyone can enlighten, does Wilmar subject the entire volume of agri-commodities that it purchases through internal processing (milling/refine/crushing/manufacturing), for eventual sale to 3rd-parties through its Food Products and Feed & Industrial Products segments?

Or does Wilmar also buy and sell agri-commodities without any processing / value-add (i.e. pure trading)?