Post by Trade Coach on May 2, 2017 14:12:32 GMT 1
OLAM INTERNATIONAL ACQUIRES OUTSTANDING 50 PER CENT STAKE IN ACACIA INVESTMENTS
Olam International, a leading agribusiness company, paid $24millionrecently to increase its stake in Acacia Investments (AI) from 50% to 100%.
Dubai-based Acacia Investments provides edible oil refining and distribution in East Africa. In 2012, Olam paid $35 million for the initial 50% stake in AI as part of a strategy to invest in midstream assets in select African markets.
Ranveer Chauhan, Olam's Managing Director/CEO of its Palm and Rubber businesses, said the acquisition allows Olam to consolidate all its edible oils operations in Mozambique as well as realize synergies in distribution and branding.
Founded in 1989, Olam International began its global agricultural commodities trading business in Nigeria. The Singapore-based company operates across the value chains in 70 countries, supplying various products to over 16,200 customers worldwide. Olam is the largest agricultural export company in Nigeria.
As a leading Agric-business operating from seed to shelf in 70 countries, supplying food and industrial raw materials to over 23,000 customers worldwide, a team of 70,000 employees Olam has successfully built leadership position in many businesses including cocoa, coffee, rice and cotton.
It’s newly opened latest cocoa innovation Centre (CIC) in Willobrook, just outside of Chicago, United States of America hopes to provide modern capabilities to support its North American customers
The new CIC, is designed to help customers in the refinement and reformation of existing recipes, and in the development of new products across such diverse application categories as beverages, cereals, chocolate confectionaries, diary, biscuits, bakery and ice cream. It will also provide proof of concept opportunities.
Olam is also listed on the SGX-ST on February 11, 2015 and ranked among the top 30 largest primary listed companies in Singapore in terms of market capitalization in 2016.