Olam International has acquired the remaining 50% stake that it did not already own in United Arab Emirates-based
Acacia Investments for US$24 million. Acacia Investment will become a wholly owned subsidiary of Olam and will bring with it its significant market presence in edible oil refining and distribution in East Africa.
“The acquisition of the remaining 50.0% interest in AI allows us to consolidate all our edible oils operations in Mozambique and realise [sic] 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,” explains Olam’s Managing Director and CEO of its Palm and Rubber businesses, Ranveer Chauhan in a press statement.
Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at firstname.lastname@example.org.