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Temasek acquires part of Olam
Source: Agencies |
June 2, 2009, Tuesday
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Print Edition
SINGAPORE state investment company Temasek Holdings will buy a 13.76 percent stake in local agricultural commodities supplier Olam International, Olam said.
Temasek subsidiaries Breedens Investments and Aranda Investments will pay 437.5 million Singapore dollars (US$303 million) for 273.5 million new shares to become Olam's second-largest shareholder, Olam said yesterday.
Temasek suffered large losses last year after betting big on United States and European banks. Temasek sold a large stake in Merrill Lynch & Co after the brokerage was bought by Bank of America Corp in January.
"We are investing in Olam because it fits well with our investment theme of supporting emerging global champions," David Heng, Temasek's managing director for investments, said in the statement. Singapore's Ministry of Finance is Temasek's only shareholder.
The company owns large stakes in many of the country's biggest companies, including Singapore Telecommunications, DBS Group Holdings Ltd and Singapore Airlines.
Temasek subsidiaries Breedens Investments and Aranda Investments will pay 437.5 million Singapore dollars (US$303 million) for 273.5 million new shares to become Olam's second-largest shareholder, Olam said yesterday.
Temasek suffered large losses last year after betting big on United States and European banks. Temasek sold a large stake in Merrill Lynch & Co after the brokerage was bought by Bank of America Corp in January.
"We are investing in Olam because it fits well with our investment theme of supporting emerging global champions," David Heng, Temasek's managing director for investments, said in the statement. Singapore's Ministry of Finance is Temasek's only shareholder.
The company owns large stakes in many of the country's biggest companies, including Singapore Telecommunications, DBS Group Holdings Ltd and Singapore Airlines.
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