Wilmar International Falls 10% on Archer Daniels Midland's Plan to Sell Shares
20 Agosto 2020 - 4:24AM
Dow Jones News
By Ronnie Harui
Wilmar International Ltd.'s shares fell sharply after U.S. grain
giant Archer Daniels Midland Co. said on Wednesday that it plans to
sell US$500 million of shares in the Singapore-listed company.
Shares in Wilmar were down 9.9% at S$4.38 in early Asian trade
on Thursday. ADM estimated its stake in Wilmar at 24.8% of the
company's equity at the end of last year.
ADM said it will still hold at least 20% of Wilmar's equity
interest after the sale and expects to use the proceeds for general
corporate purposes, which could include meeting its working-capital
requirements.
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
August 19, 2020 22:09 ET (02:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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