Wilmar sinks 10% after major shareholder reveals plans to cut stake

Singapore

SHARES of agri-food giant Wilmar International fell 10 per cent on Thursday after one of its largest shareholders, Archer Daniels Midland (ADM), announced plans to sell off shares and bonds worth US$800 million.

Wilmar shares dropped to an intraday low of S$4.31. They ended on Thursday at S$4.36, down 50 cents or 10.29 per cent from Wednesday's close, with 236.44 million shares changing hands.