Asia’s largest and the world’s fourth largest sugar producer Mitr Phol acquires a 50.0% stake in Olam’s sugar refinery in Indonesia.

Olam International, a leading agri-business operating across the value chain in 70 countries, and sugar giant Mitr Phol jointly announced a strategic partnership to capitalize on the growth opportunities for sugar milling and refining in Indonesia. Mitr Phol will invest US$100 million for a 50.0% stake in Olam’s wholly-owned subsidiary Far East Agri, which operates a sugar refinery in Indonesia. Olam will retain the remaining 50% stake. Joe Kenny, CEO for Sugar & Dairy, Olam International, stated, “Our potential expansion into sugar milling will transform our overall participation in Indonesia’s sugar industry.” Krisda Monthienvichienchai, CEO & President of Mitr Phol, said: “We are excited to begin our Indonesian journey by partnering with an established player like Olam.” “We look forward to playing a meaningful role in helping Indonesia become self-sufficient in sugar production,” he added.