Olam International (O32.SG) +0.3% at $3.08 with barely a million shares traded as the company's latest acquisition in Africa fails to generate much interest in a very lackluster broad market.

Olam is buying tt Timber International -- which will give it access to 1.6 million hectares of sustainable forest concession in Congo and Gabon -- for EUR29.6 million (around $52 million), on a cash and debt-free basis; the transaction is expected to be completed by mid January.

Nomura, which keeps its Buy call, says Olam "is trying to build a comprehensive chain of Agri assets across Africa, which can hold it in good mix for the long run."

Says the company remains on the path of a strong earnings trajectory driven by new asset contribution over the next few years. Adds the deal is earnings accretive too, with the concession estimated to contribute around $25 million-$30 million (around 2%-3% of the company's EBITDA) by FY14.