Archer-Daniels-Midland Co. raised its stake in Wilmar International Ltd., the Singapore-based company that trades almost half the world’s palm oil, as demand for the commodity used in bread to shampoo grows in Asia.
ADM, the world’s largest corn processor, “opportunistically acquired shares of Wilmar in the open market” recently, spokeswoman Jackie Anderson said in an e-mailed statement. Tuesday’s purchases represented about 22% of the total volume of Wilmar traded on the Singapore Exchange, according to Chicago-based ADM, which declined to disclose its current total stake and said it’s not a controlling stake. It held an 18% stake as of March 10, according to data compiled by Bloomberg.
ADM, which makes food, fuel and feed from corn, soybeans and other crops, has tried to diversify beyond the U.S. and boost its presence in the Asian market. An offer to buy Australia’s GrainCorp Ltd. to ship agricultural commodities to growing populations in Asia and Middle East was rejected by the government two years ago.
“This is another way for us to drive results for our shareholders,” Anderson said. “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.”
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ADM, the world’s largest corn processor, “opportunistically acquired shares of Wilmar in the open market” recently, spokeswoman Jackie Anderson said in an e-mailed statement. Tuesday’s purchases represented about 22% of the total volume of Wilmar traded on the Singapore Exchange, according to Chicago-based ADM, which declined to disclose its current total stake and said it’s not a controlling stake. It held an 18% stake as of March 10, according to data compiled by Bloomberg.
ADM, which makes food, fuel and feed from corn, soybeans and other crops, has tried to diversify beyond the U.S. and boost its presence in the Asian market. An offer to buy Australia’s GrainCorp Ltd. to ship agricultural commodities to growing populations in Asia and Middle East was rejected by the government two years ago.
“This is another way for us to drive results for our shareholders,” Anderson said. “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.”
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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