OLAM International has bought 85 per cent of cocoa processing firm YTS Holdings for US$90 million to expand its cocoa platform in Asia, the commodities firm said on Tuesday.
YTS, a company incorporated in Singapore, owns all PT Bumitangerang Mesindotama (BT Cocoa), which is primarily engaged in cocoa processing in Indonesia. BT Cocoa is Indonesia's largest cocoa processor.
The remaining 15 per cent interest in YTS is to be held by the founding members of BT Cocoa, Piter Jasman and family.
Shares of Olam closed on Tuesday at S$1.98, down four Singapore cents.