World Bank to buy 6 pct stake in Armajaro – FT
SINGAPORE |
SINGAPORE May 4 (Reuters) – The World Bank’s investment
arm, the IFC, is to buy a 6 percent stake in Armajaro Trading,
possibly valued at about $200-$300 million, the Financial Times
reported on Friday.
The move by the World Bank comes as the IFC seeks to step up
investments in agricultural trading houses as higher food
inflation becomes a priority for political leaders, the report
said.
“In order to reach the poorest parts of the world’s
population, you need to work with the intermediaries,” the paper
quoted IFC’s Vipul Prakash as saying.
Prakash is a senior official at the IFC’s agribusiness
department, according to the IFC website.
The IFC, which has taken an equity stake in Singapore-listed
Olam International and coffee trader Ecom
Agroindustrial, said investments in companies which “integrate
the supply chain”, were now part of its core strategy, the FT
said.
Armajaro generated headlines two years ago when it took a
massive position in cocoa. The company also trades coffee and
sugar.
(Reporting by Lewa Pardomuan; Editing by Himani Sarkar)
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Article source: http://www.reuters.com/article/2012/05/04/cocoa-armajaro-idUSL4E8G40BN20120504