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Singapore's Olam to make divestments of $1.6 bln over next few years

Reuters SG

SINGAPORE, Jan 25 (Reuters) - Singaporean commodity trader Olam International said on Friday it will sell its sugar, rubber, wood products and fertiliser businesses and other assets to release $1.6 billion of cash to reinvest as part of a six-year strategic plan.

The company is planning to invest $3.5 billion over the period in 12 prioritised businesses, which include edible nuts, cocoa, cotton and coffee, it said in a statement on Friday.

Olam is majority owned by Singapore state investor Temasek Holdings and counts Japanese trading house Mitsubishi Corp as its second-largest shareholder. It is a major player in markets for a number of agricultural commodities.

Earlier this month, it said it would shut its sugar trading desk. (Reporting by Aradhana Aravindan; editing by Richard Pullin)