Olam International (O32.SG) is flat at $3.07 with a thin 216,000 shares changing hands in the opening minutes of trade, showing that investors are largely unexcited about the commodity supply chain manager’s latest acquisition.

Olam late Wednesday announces a total investment of EUR29.6 million ($51.5 million), financed through internal accruals, to acquire 100% of tt Timber International, which has 1.6 million hectares of sustainable forest concession in the Republic of Congo and the Republic of Gabon.

“I think it’s a small acquisition and they actually haven’t provided a lot of details on what the current earnings will be and the earnings accretion, they’ve only talked about steady state,” says an analyst at local house.

Olam forecasts a revenue of EUR80-EUR100 million by 2014, with an EBITDA margin of between 16%-19% and projected return on equity of over 50%. December’s $3.01 low may act as support.