LONDON, Feb 26 (Reuters) - Olam International said on Tuesday it has acquired an 85 percent stake in the parent of Indonesia’s largest cocoa processor as it seeks to supply a growing market for cocoa products in Asia.
The Singapore-based global food and agri-business said it will pay $90 million for the stake in YTS Holdings Pte which is the owner of PT Bumitangerang Mesindotama (BT Cocoa).
The remaining 15 percent will be held by the founding members of BT Cocoa, Piter Jasman and his family.
The deal will add 120,000 tonnes of cocoa bean processing capacity and 30,000 tonnes of cocoa mass pressing capacity to service increasing demand in Asia, particularly for cocoa powder.
Olam Cocoa has been operating in Indonesia since 1996 and is the country’s largest exporter of cocoa beans. The company also owns one of the largest cocoa plantations in Indonesia, located on Seram Island. (Reporting by Nigel Hunt; editing by Jason Neely)