By Ronnie Harui

Wilmar International Ltd.'s shares fell sharply after U.S. grain giant Archer Daniels Midland Co. said on Wednesday that it plans to sell US$500 million of shares in the Singapore-listed company.

Shares in Wilmar were down 9.9% at S$4.38 in early Asian trade on Thursday. ADM estimated its stake in Wilmar at 24.8% of the company's equity at the end of last year.

ADM said it will still hold at least 20% of Wilmar's equity interest after the sale and expects to use the proceeds for general corporate purposes, which could include meeting its working-capital requirements.

Write to Ronnie Harui at ronnie.harui@wsj.com

(END) Dow Jones Newswires

August 19, 2020 22:09 ET (02:09 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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