Mitsubishi to invest 1 billion dollars in Singapore Olam (dpa German Press Agency)
Tokyo (dpa) – Japanese trading major Mitsubishi Corp said Friday it
will pay 130 billion yen (1.07 billion dollars) to acquire a
20-per-cent stake in Singapore agri-business giant Olam International
Ltd to expand its business abroad.
The acquisition will enable Mitsubishi to appoint up to two
executives to serve on Olam’s board, the company said in a statement.
Olam, founded in Nigeria in 1989, has operated in 65 countries and
deals in some 44 products, including coffee, cocoa and nuts. The
company has a strong raw materials and food processing base in
Africa, Mitsubishi said.
In 2014, Mitsubishi acquired an 80-per-cent stake in Olam’s grains
company in Australia.