SINGAPORE, June 24 Commodities trader Olam
International Ltd said it has sold an 80 percent stake
in its Australian grains business to Japan's Mitsubishi Corp
for $64 million.
Olam said in a statement late on Monday that it will retain
the remaining 20 percent stake in Olam Grains Australia and will
work with Mitsubishi to leverage the growing Asian demand for
Olam, which came under attack from short-seller Muddy Waters
last year, is working on a long-running strategic plan to shore
up its balance sheet and consolidate non-core assets.
In March, a shareholders group led by Singapore state
investor Temasek offered $2.1 billion in cash for shares in Olam
they did not already own. As of May 26, Temasek controlled 58.5
percent of Olam.
(Reporting by Rachel Armstrong; Editing by Richard Pullin)