Olam nabs 50% stake in Acacia Investments for $33.01m

It is now a wholly owned subsidiary.

Olam has nabbed a 50% stake in Acacia Investments for a consideration of US$24m (roughly$33.01m).

According to Olam’s news release, AI is now a wholly owned subsidiary of Olam.

Olam reports that Ai has a significant presence in edible oils refining and distribution in East Africa.

“The acquisition of the remaining 50.0% interest in AI allows us to consolidate all our edible oils operations in Mozambique and realise synergies in distribution and brands to take this business to its full potential,” commented Ranveer Chauhan, Olam’s Managing Director and CEO of its Palm and Rubber businesses.

“It is in line with our stated Palm business strategy to invest in midstream assets in select African markets,” Chauhan added.