Shares of commodity trader Olam International are trading at a nine-month high on news that Japanese conglomerate Mitsubishi Corp will take a strategic 20% stake in the Singapore-listed firm for $1.5 billion.
The new investment reinforces growing investor confidence in the company even as the commodity markets remain volatile due to an uncertain global economic outlook.
Singapore state-investment firm Temasek, which remains a majority shareholder in Olam with a 51.4% stake, welcomed Mitsubishi's investment.
"Mitsubishi's strong sourcing and distribution capabilities in the food sector, under the Living Essentials Group, will add value to Olam's long-term growth," says David Heng, senior managing director investment at Temasek, according to Dow Jones.
The stock is up nearly 10% at $2.10.
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The new investment reinforces growing investor confidence in the company even as the commodity markets remain volatile due to an uncertain global economic outlook.
Singapore state-investment firm Temasek, which remains a majority shareholder in Olam with a 51.4% stake, welcomed Mitsubishi's investment.
"Mitsubishi's strong sourcing and distribution capabilities in the food sector, under the Living Essentials Group, will add value to Olam's long-term growth," says David Heng, senior managing director investment at Temasek, according to Dow Jones.
The stock is up nearly 10% at $2.10.
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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