Olam Sells Stake in Gabon Asset to Africa Finance Corp.

Olam International Ltd. has sold a 10% stake in Arise Industrial Zones to Africa Finance Corp. for $59 million in cash.

The sale was part of the reorganization of Gabon’s Special Economic Zone, which has been made into three verticals: Arise Port & Logistics, Arise Industrial Zones and Arise Infrastructure Services, the commodity company said Tuesday in a filing to the Singapore Exchange.

Olam, which had a 40.5% stake in Arise Industrial Zone, said the divestment will result in a one-time gain of $27 million. Source: Bloomberg