Olam sells 25% of packaged food business to Sanyo

OLAM International is selling a 25 per cent stake in its packaged food business to Japanese noodle manufacturer Sanyo Foods for US$187.5 million.

Aimed at capitalising on growth opportunities in sub-Saharan Africa, the deal is expected to be completed by October-December this year, which is the second quarter of Olam's FY2015.

As Olam will hold the majority stake of 75 per cent, it will retain management control of the packaged foods business.