Leading sugar producer Mitsui Sugar Co. and trading house Mitsui & Co. will acquire a full stake in a Singapore sugar vendor for about $100 million to cash in on growing demand for sweeteners in Southeast Asia and the Middle East.
Mitsui Sugar and its largest shareholder signed an agreement Friday to buy 70 percent and 30 percent stakes, respectively, in SIS'88 Pte., a refined sugar seller, from E D & F Man Holdings, a British global commodity trader, according to the Japanese firm.
Facing an increasingly tough business environment at home due to the declining birthrate and aging population, the Tokyo-based sugar company is seeking business opportunities in fast-growing overseas markets, especially in Asia, as its sales are currently largely dependent on the domestic market, a Mitsui Sugar spokesman said.