SINGAPORE — Olam International Limited announced on June 1 that it has acquired the remaining 50% interest in Acacia Investments (AI) it does not already own from its joint venture partner for $24 million.

AI, which will become a wholly owned subsidiary of Olam post the completion of this acquisition (expected in June), has a significant presence in edible oils refining and distribution in East Africa. Olam acquired its first 50% share in AI in October 2012 for $35 million.

“The acquisition of the remaining 50% interest in AI allows us to consolidate all our edible oils operations in Mozambique and realize synergies in distribution and brands to take this business to its full potential,” said Ranveer Chauhan, Olam’s managing director and chief executive officer 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.”