Wilmar International, the world’s biggest palm oil processor, approached banks for a US$1.5 billion ($1.89 billion) loan, according to two people familiar with the matter.

Proceeds of the facility will be used for general working capital, one of the people said, asking not to be identified as the details are private.

Singapore-based Wilmar has $4.2 billion in loans and bonds maturing before the end of 2015, according to data compiled by Bloomberg.

 

Chief Executive Officer Kuok Khoon Hong said last month that the company is keen to diversify into property in China as land prices in some cities are low.