Olam sells 50% stake in Indonesian subsidiary to Mitr Phol for $135 mil

SINGAPORE (Dec 18): Olam International is selling a 50% stake in its wholly-owned subsidiary, Far East Agri, for US$100 million ($135 million) to Mitr Phol Sugar Corporation, Asia’s largest and the world’s fourth largest sugar producer.

Far East operates a sugar refinery in Indonesia, PT Dharmapala Usaha Sukses (PT DUS) in Cilacap, Central Java. Olam will retain a remaining 50% stake in the company.

This comes as part of Olam’s strategic partnership with Mitr Phol for integrated sugar milling and refining in Indonesia, through which both companies will jointly explore the development of a green-field sugar mill in Indonesia.

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