October 22, 2015
ADM's stake in Wilmar raised
ADM, which seeks expansion in Asia, has raised its stake in Singapore's Wilmar International Ltd, Reuters reported.
ADM possessed about 22% of Wilmar's shares traded on Singapore's exchange as the company's shares reached their highest since August 6. ADM owned 17.3% of Wilmar in February and, in its latest move, refused to disclose about the number of shares bought and the size of its expanded stake.
The purchases were "opportunistic with respect to share price" and foreign exchange rates, an ADM spokesman said.
ADM has turned to Asia to expand its operations, given the market opportunities springing from a growing middle-class population in the region.
An earlier attempt to improve access to Asia fell through in 2013 when ADM tried to acquire Australia's Graincorp Ltd - which it has about 20% stake in.
