ADM says it expects to use the net proceeds for its working capital requirements, capital expenditures, and a possible buyback.
Shares in Wilmar International fell over 10% to $4.37 as at 10.50am upon news that grain trader Archer Daniels Midland Co (ADM) said on August 19 that it plans to sell its shares and bonds in the group for some US$800 million ($1.09 billion).
The sale will take place in two parts: through a proposed sale of Wilmar’s ordinary shares for some US$500 million, and an offering of about US$300 million worth of bonds outside the US.
