SINGAPORE — Archer Daniels Midland Co. has upped its stake in Singapore-based Wilmar International Ltd., acquiring approximately $144.4 million worth of shares in the world’s largest palm oil trader. The transaction boosts ADM’s interest in Wilmar to 20% from 19% previously.
Chicago-based ADM bought 64 million shares from Martua Sitorus, co-founder and deputy chairman of Wilmar, according to Singapore stock exchange filings on March 8. The company steadily has increased its holding in Wilmar since 2009.
|Jackie Anderson, manager of global media relations at ADM|
“Our investment in Wilmar is one of the ways in which we are benefiting from Asian consumers’ growing and evolving food demand driven by rising populations and incomes,” said Jackie Anderson, manager of global media relations at ADM. “Wilmar, Asia’s leading agribusiness, is a strategic partner and one of our largest customers. We expect this investment to further improve our overall returns.“Further increasing our ownership stake in Wilmar — from approximately 19% to approximately 20% — is another sign of the close relationship between our two companies. We continue to be confident in Wilmar’s strategic direction as a component of our profitable growth in Asia.”