SINGAPORE – Olam International Limited (Olam), a leading agri-business operating across the value chain in 70 countries, announced on Wednesday that it has acquired the remaining 50.0% interest in Acacia Investments (AI) it does not already own from its joint venture partner for a total consideration of US$24.0 million.
AI, which will become a wholly owned subsidiary of Olam post the completion of this acquisition (expected in June 2016), has a significant presence in edible oils refining and distribution in East Africa.
Olam’s Managing Director and CEO of its Palm and Rubber businesses, Ranveer Chauhan explained the rationale of the investment: “The acquisition of the remaining 50.0% interest in AI allows us to consolidate all our edible oils operations in Mozambique and realise synergies in distribution and brands to take this business to its full potential.
It is in line with our stated Palm business strategy to invest in midstream assets in select African markets.”
