Olam to sell 50% stake in Indonesian sugar JV for more than US$80m

AGRI-FOOD giant Olam International has agreed to sell its remaining 50 per cent stake in its Indonesian sugar joint venture , Far East Agri, for between US$82.5 million and US$85 million, subject to final adjustments as provided for in the sale-and-purchase agreement.to take up a 50 per cent stake in Far East Agri.

The latest proposed sale is in line with Olam's six-year strategic plan announced in 2019, the mainboard-listed company said in a bourse filing on Tuesday. The plan focuses on businesses with sustainable growth potential, and divesting and/or restructuring de-prioritised assets and businesses. The divestment and/or restructuring will free up capital that can be redeployed to prioritised businesses, the group added.

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