Following the news that one of Wilmar International’s major shareholders, Archer Daniels Midland Co (ADM) has sold some 170.5 million shares at a placement price of $4.40, shares in Wilmar plunged over 10% on August 20, although the agribusiness group has seen a slight climb in its share price on August 21.

On that, CGS-CIMB analysts Ivy Ng and Nagulan Ravi have maintained their “add” recommendation on Wilmar with an unchanged target price of $5.53.

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