Archer Daniels Midland Co spent about US$20 million ($28 million) last month to increase its stake in Wilmar International Ltd, the world's largest palm oil processor, to 18.5%, new regulatory filings show.
ADM bought 9.3 million shares of Wilmar of Singapore to raise its ownership interest from 18.1%, the Illinois-based company said in documents submitted this week to the U.S. Securities and Exchange Commission.
The grain trader had previously declined to disclose the size of its expanded stake.
ADM "will continue to grow" its relationship with Wilmar because it provides a window to markets in China, Chief Executive Juan Luciano said on a conference call to discuss lower-than-expected quarterly earnings on Tuesday.
In March, ADM increased its stake in Wilmar to 18.1% from 17.3%.
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ADM bought 9.3 million shares of Wilmar of Singapore to raise its ownership interest from 18.1%, the Illinois-based company said in documents submitted this week to the U.S. Securities and Exchange Commission.
The grain trader had previously declined to disclose the size of its expanded stake.
ADM "will continue to grow" its relationship with Wilmar because it provides a window to markets in China, Chief Executive Juan Luciano said on a conference call to discuss lower-than-expected quarterly earnings on Tuesday.
In March, ADM increased its stake in Wilmar to 18.1% from 17.3%.
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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