<article>American food processing major <a href="https://www.dealstreetasia.com/stories/adm-sells-stake-in-australias-graincorp-59707/" target="_blank" rel="noopener">Archer Daniels Midland</a> (ADM) has raised its stake in Singapore-based agribusiness group Wilmar International, stepping-up the former&#8217;s exposure to the high-demand Asian food market.</article>

American food processing major <a href="https://www.dealstreetasia.com/stories/adm-sells-stake-in-australias-graincorp-59707/" target="_blank" rel="noopener">Archer Daniels Midland</a> (ADM) has raised its stake in Singapore-based agribusiness group Wilmar International, stepping-up the former&#8217;s exposure to the high-demand Asian food market.
In a filing on Wednesday, <a href="https://www.dealstreetasia.com/stories/adani-wilmar-to-diversify-into-value-added-food-business-48975/" target="_blank" rel="noopener">Singapore Exchange-listed Wilmar</a> disclosed that ADM had purchased 40 million shares in Asia&#8217;s leading agri company for $94.67 million (S$129 million) or S$3.2257 per share, increasing its stake from 24.3 per cent earlier to 24.9 per cent now.
The shares were bought from Wilmar co-founder and former executive deputy chairman Martua Sitorus who is now a non-independent non-executive director at the firm, also the world&#8217;s largest palm oil trader.
The Chicago-headquartered ADM has been consistently inching up its stake in Wilmar since 2009. Last year, in March, it had raised its stake to 20 per cent by pumping in close to $200 million, buying shares again from Sitorus.
Earlier this month, ADM released its financial results for the second quarter ended June 30 where it announced stronger-than-expected adjusted earnings per share.
The firm, which is also the world&#8217;s largest corn producer, makes food, fuel and feed from corn, soybeans and other crops. It has over the years been trying to diversify beyond its home market and grow in Asia, the fastest growing region with multiplying food demand.
Meanwhile, Wilmar recorded a profit of $60.2 million for the second quarter ended June 30. The company had a net loss of $220.1 million in the same period last year due to higher non-operating gains arising from its investment securities.
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ADM purchased 40 million shares in Wilmar, Asia's leading agri company, for $94.67 million (S$129 million).

ADM mops up $94.6m worth of shares to raise stake in Singapore's Wilmar

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ADM mops up $94.6m worth of shares to raise stake in Singapore's Wilmar

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