Olam International disposes of 50% stake in Canada joint venture company

COMMODITY firm Olam International has disposed of its 50 per cent stake in Lansing Olam Canada.

The firm is a joint venture between Olam and Lansing Trade Group, and is a seller of Canadian grains and oilseeds. It was formed in 2012.

The divestment was carried out through a US$5.4 million (S$6.8 million) share repurchase.

The president and global head of Olam's grains business, Mr K.C. Suresh, said the company's exit from Canada will allow it to concentrate resources on the rest of its grains businesses.