Olam International has increased its stake in Malaysian sweetener maker PureCircle to 20%.

The Singapore-based agricultural products and food group said that it has purchased about 13.3m shares from Wii Pte Ltd, a unit of the world's largest listed palm oil firm Wilmar International.

The sale price was 250 pence ($4.04) per share, or an aggregate consideration of approximately GBP33.2m (US$53.5m). The purchase price represents a premium of 6.6% to PureCircle's closing share price prior to the announcement.

In a regulatory filing, Olam said that the it increased its stake because of PureCircle's "strong growth prospects". The deal sees Olam become an "associated company" of PureCircle.