Olam sells 50% stake in Indonesian sugar refinery to Mitr Phol

Singapore

OLAM International is selling a 50 per cent stake in its wholly owned subsidiary Far East Agri Pte Ltd to Thai-land's Mitr Phol Sugar Corporation as part of a strategic partnership to expand in the Indonesian sugar sector.

Mitr Phol will pay US$100 million for the 50 per cent stake in Far East, which operates sugar refinery PT Dhamapala Usaha Sukses (PT DUS) in Cilacap in Central Java.