August 25, 2020

ADM completes secondary block trade of portion of Wilmar ownership

ADM has announced on August 24 that it has completed its previously announced secondary block trade of approximately US$550 million in Wilmar ordinary shares.

"We are exceptionally pleased with our longstanding relationship with Wilmar," said ADM chairman and CEO Juan Luciano. "This transaction provides ADM with additional capital while retaining that strong relationship. We have no plans to sell additional Wilmar shares, and look forward to continuing our partnership for years to come."

Wilmar, Asia's leading agribusiness and packaged food oils company, is a strategic partner and one of ADM's largest customers. ADM first partnered with Wilmar and its affiliated companies in the early 1990s when they jointly built a network of soybean processing operations in China, and ADM has been a significant investor in Wilmar since 1994.

Today, Wilmar is a key component of ADM's strategy in emerging markets, including Asia Pacific; an important trade partner and co-owner of joint venture Olenex, a major European provider of specialty oils.

ADM expects to use the net proceeds from the transaction for general corporate purposes, which may include, without limitation, meeting its working capital requirements; funding its capital expenditures and possible acquisitions of, or investments in, business and assets; and acquiring outstanding shares of ADM common stock as part of its publicly announced stock repurchase programme.

ADM will retain at least a 20% equity investment in Wilmar.

- ADM