Wilmar’s subsidiary KOG Investments has acquired a 50% equity interest in
Aalst Chocolate, a home-grown chocolate manufacturer in Singapore.
The other 50% stake in Aalst Chocolate remains owned by Richard Lee, CEO and founder of Aalst Chocolate and Connie Kwan, co-founder and MD.
“This joint venture would allow Aalst to leverage on Wilmar’s vast manufacturing and distribution network in Asia, Aalst can further penetrate into China, a rapidly growing chocolate market and also expand into new geographies,” said Lee.
The joint venture will build on the current supplier-customer relationship between Wilmar and Aalst Chocolate in its positioning to expand the business portfolio of chocolate ingredients in Asia.