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Olam acquires remaining stake in Acacia Investments for US$24 mil

Gwyneth Yeo Published on Wed, Jun 01, 2016 / 6:50 PM GMT+8

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SINGAPORE (June 1): Olam International has acquired the remaining 50% stake in Acacia Investments from its joint venture partner for US$24 million ($33.1 million).

Acacia has a significant presence in edible oils refining and distribution in East Africa. Following the completion of the transaction, which is likely to be in June, Acacia will become a wholly owned subsidiary of Olam.

Olam’s Managing Director and CEO of its Palm and Rubber businesses Ranveer Chauhan said that the transaction was in line with the group’s strategy to invest in midstream assets in Africa and added that the acquisition would allow the group to consolidate its edible oils operations in Mozambique and “realise synergies in distribution and brands”.

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Olam acquires remaining stake in Acacia Investments for US$24 mil