J-Oil Mills, Inc. (TSE:2613) entered into an business alliance agreement to acquire 51% stake in Premium Fats Sdn Bhd and 20% stake in Premium Vegetable Oils Sdn Bhd from Premium Nutrients (pte) Ltd for $12 million on October 9, 2019. As a part of transaction J-Oil Mills will acquire 51% stake in Premium Fats for $3.2 million and 20% stake in Premium Vegetable for $8.8 million. Upon completion, Premium Fats Sdn Bhd will become consolidated subsidiary and Premium Vegetable Oils Sdn Bhd will become the Equity Method affiliate of J-Oil Mills, Inc. For the period ended march 31, 2019, Premium Fats Sdn and Premium Vegetable Oils reported sales of $1.6 million. The stock transfer execution date is planned to be early of November 2019.