Singapore`s Olam buys Indonesian sugar refinery for 12.6 mln usd

"We have found PT DUS to be an opportunity for us to participate in the growing sugar refining sector in Indonesia. We believe our entry into the country's sugar refining sector will add much more value to the local industries that consume sugar and we can scale up PT DUS operations quickly given our growing sugar operations internationally," Olam group managing director and CEO Sunny Verghese told Thomson Financial.

Indonesia is the largest sugar consumer market in Southeast Asia and one of the world's top 10 largest sugar consumers. It is estimated to consume over 4.0 million tons of sugar annually and consumption has been growing at a compounded annual growth rate of 5.4 percent over the last three years.