Singapore agribusiness giant Wilmar International has increased its stake in Australian food manufacturer Goodman Fielder.

Wilmar has taken its interest from below 5% to 10.1%, Goodman Fielder said in a filing with the Australian stock exchange said today (28 February).

Goodman Fielder said it had "not received any proposals" from Wilmar "or any other party" to buy the company.

However, Goodman Fielder, which is restructuring its operations after a challenging 18 months, said Wilmar "has been involved in the preliminary stages of the possible divestment" of some of its non-core assets. "Goodman Fielder has been in discussions with Wilmar in that context," the company added.

Nevertheless, shares in Goodman Fielder jumped in the wake of Wilmar's investment as the market considered whether the agribusiness group would make an offer for the whole business. Officials at Wilmar could not be reached for immediate comment.

Earlier this month, Goodman Fielder reported a fall in half-year profits due to restrucuring costs, foreign exchange losses and falling sales.

The decline in earnings followed a year of falling profits. In August, the company posted a 17.3% decrease in annual earnings due to pressure from raw-material costs and lower sales.