PARIS • French cooperative Axereal said Singapore's state investment agency Temasek and French farmer-controlled investment fund Unigrains had taken a stake in its Boortmalt unit, the world's fifth-largest malt producer, through a capital increase.

French sugar group Tereos, a minority shareholder in the Belgian-based malt producer, also contributed to the capital increase which totalled €150 million (S$236 million), said Axereal, one of Europe's largest grain handlers, in a statement on Wednesday. The capital increase follows an announcement it made in February that it would build a malt-processing factory in Ethiopia and a fourth production facility in Antwerp as it sought to tap rising demand for beer in emerging markets.

"Temasek... and Unigrains, a specialist in the agri-food sector, will bring real expertise on the valuation of our malt business and its outlets on international markets, especially in Asia," Boortmalt chief executive Yvan Schaepman said in the statement.

Axereal declined to detail the share of each participant in the capital increase.

Temasek Holdings, one of the world's biggest state investors, has a portfolio of around US$180 billion (S$248 billion) focused on Singapore and Asia in sectors ranging from telecoms to real estate and transport to financial services, health and agriculture.

REUTERS