Olam divests its stake in Lansing Olam Canada

Olam International Limited has disposed its entire 50.0% stake in Lansing Olam Canada by way of a share repurchase arrangement for a cash consideration of US$5.4 million, according to a report posted on its website.

Lansing Olam Canada is a jointly controlled entity of the Company with the balance 50.0% held by its joint venture partner Lansing Trade Group LLC. After this transaction, Lansing Olam Canada will no longer be a jointly controlled entity of Olam.

“Our exit from Canada will allow us to concentrate our resources on the rest of our Grains businesses in line with the Company’s refreshed strategy,” said KC Suresh, president and Global Head of Olam’s Grains business, explaining the reason for the sale.

The transaction is not expected to have a material financial impact on Olam for the financial year ending June 30, 2014.

Olam is  a leading global integrated supply chain manager and processor of agricultural products and food ingredients, supplying various products across 16 platforms to over 13,600 customers worldwide.

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