Commodities trader Olam International Ltd said it has sold an 80 percent stake in its Australian grains business to Japan's Mitsubishi Corp for $64 million.

Olam said in a statement late on Monday that it will retain the remaining 20 percent stake in Olam Grains Australia, and will work with Mitsubishi to leverage the growing Asian demand for gains.

Olam, which came under attack from short-seller Muddy Waters last year, is working on a long-running strategic plan to shore up its balance sheet and consolidate non-core assets.

In March, a shareholders group led by Singapore state investor Temasek offered $2.1 billion in cash for shares in Olam they did not already own. As of May 26, Temasek controlled 58.5 percent of Olam.