CHICAGO, ILLINOIS, US — Archer Daniels Midland Co. (ADM) plans to sell shares and bonds of Wilmar International valued at $800 million, retaining a 20% equity interest in Wilmar.

ADM, which is one of Wilmar’s largest shareholders, had a 24.6% effective stake in the company, according to Refinitiv.

ADM proposes to sell $500 million of ordinary shares to a secondary block trade agreement with a syndicate of managers. In addition, ADM Ag proposes to offer $300 million of bonds outside of the United States.

The company expects to use the net proceeds for general corporate purposes, which may include meeting working capital requirements, funding capital expenditures and possible acquisitions or investments and repaying debt. 

Several years ago, ADM started purchasing shares in Wilmar, which has assets in soy crushing, edible oil refining and packaging, palm plantations, palm refineries, biodiesel production, specialty fats and oleochemical fatty acids throughout Asia.