SHARES of Olam International soared almost 13 per cent on Friday
morning after Mitsubishi Corp agreed to buy a 20 per cent stake in the
Singapore commodity trader.
At 09.12am, Olam was trading at around S$2.15 a share, up 24
Singapore cents, or 12.57 per cent. Volume was light, around one million
shares.
Shortly after 1am on Friday, Olam said it would issue 332.7 million
new shares for S$915 million to Mitsubishi, one of Japan's biggest
trading houses. The Tokyo-based company is also acquiring an 8 per cent
stake in the agriculture firm for S$615 million from Kewalram Chanrai
Group, which is Olam's second-largest shareholder after Temasek
Holdings.
Olam's management is currently having on Friday morning a briefing with analysts and the media.
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