SINGAPORE — Archer Daniels Midland (ADM) bought 64 million shares in Wilmar International Ltd., according to a March 8 filing on the Singapore Exchange.
The shares were purchased from Martua Sitorus, Wilmar’s co-founder and deputy chairman, for S$199.8 million ($144,668,500) or S$3.12 per share. This investment raises ADM’s holding in Wilmar from 19% to 20%.
On Oct. 20, 2015, in response to a query about an unusually highly level of trading of its shares, Wilmar acknowledged that ADM had been purchasing shares.
Wilmar told the Singapore Exchange that ADM had purchased shares in Wilmar reflecting approximately 22% of total sales volumes for Oct. 20.
On Oct. 16, 2015, ADM sold its cocoa business to Olam International for $1.2 billion. ADM then increased its shares in Wilmar from the 17.3% 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.