October 31, 2019 / 4:26 PM / a month ago

Golden-Agri set to take over RCMA sugar division

LONDON, Oct 31 (Reuters) - International commodities and energy trader RCMA Group is to transfer its sugar division to Golden-Agri Resources, effective Friday, a notice to clients seen by Reuters said.

Terms of the deal were not disclosed.

“The decision to transfer our sugar business is aligned with RCMA Group’s vision to become a diversified group with energy, electricity and consumer goods and services,” the notice said.

RCMA’s sugar division is a leading player in the white sugar containerized trading business. It is headed by Jonathan Drake who joined the company is 2012 after a long career with Cargill.

Golden-Agri Resources, a palm oil plantation company, said it would make an announcement on Friday but did not provide any further details.

RCMA Group were not immediately available for comment outside normal office hours.

Both companies are based in Singapore. (Reporting by Nigel Hunt; editing by David Evans)

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