The shares that Craig Norgate’s failed company Rural Portfolio Investments owned in New Zealand Farming Systems Uruguay, have been snapped up by a Singapore-based food commodities company.

Olam International already owned a 14% stake in Farming Systems. But its latest acquisition of Craig Norgate’s RPI shares  boosts that to 18.4% - close to the 20% threshold that could trigger a takeover bid.

Olam confirms it’s acquired an additional 10 million shares from RPI’s receivers at 41 cents a share.

NZFSU is managed and part-owned by PGG Wrightson, which RPI also had a stake in.

Farming Systems reiterated Monday it’s targeting a full-year financial loss of no more than US $10m.