Olam International Acquires 50% Ownership in Acacia Investments

They aim to be a competitive and preferred supplier of CPO (crude palm oil) to the joint venture given their sourcing capability.

8 Oct 2012 --- Olam International Limited, a leading global, integrated supply chain manager and processor of agricultural products and food ingredients, announced that it has acquired 50% of shares and voting rights in Acacia Investments (AI) for a total consideration of US$ 35 million. AI is a business group based in the United Arab Emirates with a significant presence in edible oil refining and distribution in East Africa.

Olam’s Managing Director and Global Head of Palm, Ranveer Chauhan explained the benefits of the joint venture: “AI has developed a strong brand franchise and deep knowledge of the local edible oil refining industry in East Africa. Olam on the other hand offers a strong distribution network which we have successfully developed over the years by distributing various bulk commodities like rice, wheat flour and dairy products across multiple countries in East and Southern Africa. We also aim to be a competitive and preferred supplier of CPO (crude palm oil) to the joint venture given our sourcing capability.  Most importantly, we both share the same ambition of building a leading market position in palm oil refining and distribution in the region and we look forward to working closely with them in this partnership.”