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AGRI-BUSINESS Olam International, in a filing to the Singapore Exchange on Wednesday, said that it has acquired the remaining 50 per cent stake it does not already own from its joint venture partner in Acacia Investments for US$24 million.
Acacia will become a wholly owned subsidiary of Olam when the acquisition is completed this month. Acacia has a significant presence in edible oils refining and distribution in East Africa, said Olam.
Olam had acquired its earlier 50 per cent stake in Acacia for US$35 million in October 2012.
"The acquisition of the remaining 50 per cent interest in AI allows us to consolidate all our edible oils operations in Mozambique and realise synergies in distribution and brands to take this business to its full potential. It is in line with our stated Palm business strategy to invest in midstream assets in select African markets," said Olam's managing director and chief executive officer of its palm and rubber businesses, Ranveer Chauhan.