Wilee Vegetable Oils Sdn. Bhd. entered into a shares sale agreement to acquire Ace Edible Oil Industries Sdn Bhd from Green Ocean Corporation Berhad (KLSE:GOCEAN) for MYR 0.1 million on April 4, 2024.

Upon completion, Ace Edible Oil Industries shall cease to be a subsidiary of Green Ocean Corporation. Ace Edible Oil reported net assets of -MYR 8.6 million and net loss of MYR 9.1 million for financial period ended September 30, 2023. The transaction is subject to approvals of board and shareholders of Wilee Vegetable Oils, Ace Edible Oil Industries and the board of Green Ocean Corporation, financial, commercial and legal due diligence, Green Ocean settling all the liabilities due and owing by Ace and Green Ocean procuring Ace to clear all the deposits, prepayments, securities, cash and bank balances in Ace.

The transaction is expected to close within 4 months. The proceeds from the disposal shall be utilized for general working requirements in respect of the Ace's day-to-day operation to support its existing business operations. The disposal is not expected to have a material effect on the earnings, net assets and gearing of Green Ocean.