Singapore investment firm Temasek will invest S$437.5 million $305 million in Olam International, which will give it a 13.76% stake and make it the second-largest shareholder in the commodities trading firm.
Temasek will buy new shares in Singapore-headquartered Olam at a price of S$1.60 per share. The purchase price represents a 17.5% discount to Olam's S$1.94 close on Friday and a 17.4% discount to the weighted average price of trades done on that day. Olam said the negotiations it has had with Temasek about the pricing also took into account the weighted average price for the 60 trading days up to May 29, which was S$1.649.
Olam's share price jumped 11.3% to a close...
¬ Haymarket Media Limited. All rights reserved.
