Archer Daniels Midland hikes stake in Wilmar with $428.8m share purchase

The shares were sold by Wilmar's co-founder.

Food processing conglomerate Archer Daniels Midland has acquired 127 million ordinary shares in Wilmar International for $428.8 million.

The shares were sold by Bolney Enterprises, a subsidiary of Golden Parklane Limited (GPL). Wilmar's co-founder Martus Sitorus is a substantial shareholder of GPL.

Following the sale, APL's direct interest in Wilmar rose from 20.02% to 22.03%. Meanwhile, Sitorus' stake in the agribusiness player dropped from 7.06% to 5.05%.

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