hotstock: Wilmar sinks 10% after major shareholder reveals plans to cut stake
Wilmar shares dropped to an intraday low of S$4.31. They were trading at S$4.37 as at 10.18am, down S$0.49 or 10.8 per cent from Wednesday's close, with 200.2 million shares changing hands.
The counter was the most actively traded both in terms of volume and value on the Singapore bourse as at 10.18am on Thursday. ADM on Wednesday said two of its units will undertake the proposed sale of Wilmar shares for about US$500 million, pursuant to a secondary block trade agreement with a syndicate of managers.
The Chicago-based grain trader expects to retain at least a 20 per cent stake in Wilmar. The company had a 24.6 per cent effective stake as at March 4, according to Refinitiv.
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