SINGAPORE (Apr 19): Olam International says it has paid 1.88 million euros ($3.05 million) for a 29% stake in a joint venture (JV) company with Guzman Global, the distributor of industrial raw materials as well as coffee & nuts.

Guzman Global holds the remaining 71% stake.

Based in Spain, the JV company is named Guzman Coffee & Nuts (GC&N), and is now an associated company of Olam.

It will import and distribute coffee & edible nuts in the Spanish and Portuguese markets.

Olam does not expect the establishment of GC&N to have an impact on its earnings for the current financial year.

Shares in Olam closed 1 cent lower at $2.33 on Tuesday.