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.

Under the agreement between them, Far East will look into developing a greenfield sugar milling facility in East Java.…