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 2 June 2009

Singapore's Temasek acquires 14% stake in commodities firm

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Singapore-listed commodities firm Olam International said investment vehicle Temasek Holdings had paid S$437.5 million ($302 million) for a stake in it.

State-linked Temasek bought the 13.76 percent share via two of its wholly-owned subsidiaries, Breedens Investments and Aranda Investments, AFP quoted Olam as saying in a statement.

Temasek said acquiring the stake in Olam blended with its strategy of investing in promising companies.

"We are investing in Olam because it fits well with our investment theme of supporting emerging global champions," said David Heng, Temasek's managing director for investments.

"With a robust business model, Olam has the competitive edge to benefit from the long-term growth potential of the agricultural sector," he said.

The two Temasek units paid $1.60 per share for 273.46 million new ordinary shares issued by Olam International, the statement said.

Olam International is based in Singapore and buys its agricultural supplies, such as rice and cocoa, from producing countries before selling them on to more than 4,000 customers in over 60 markets.

Temasek, one of two Singapore state investment vehicles, has a diversified portfolio worth 185 billion dollars in March comprising stakes in local and international companies.

It holds stakes in leading firms such as Singapore Airlines while globally, it has stakes in Standard Chartered Bank and China Construction Bank.


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