SINGAPORE — In response to a query about an unusually highly level of trading of its shares, Wilmar International Ltd. on Oct. 20 acknowledged that Archer Daniels Midland (ADM), a significant shareholder in the company, has been purchasing shares.
Wilmar told the Singapore Exchange Securities Trading Limited that ADM has purchased shares in Wilmar reflecting approximately 22% of total sales volumes for Oct. 20.
On Oct. 16, ADM sold its cocoa business to Olam International for $1.2 billion. ADM then increased its shares in Wilmar from the17.3% that it reached in December 2014 when it purchased 60 million shares for $147 million.
Wilmar has assets in soy crushing, edible oil refining and packaging, palm plantations, palm refineries, biodiesel production, specialty fats and oleochemical fatty acids throughout Asia. Wilmar reported on Aug. 5 that earnings for the second quarter were $201 million or $3.20 per share, up 18% from $170 million or $2.70 per share in the same quarter last year.