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Hot stock: Olam surges to record high on potential agribusiness stake sale

Saudi Agricultural & Livestock Investment Company now holds a 35.4% minority stake in Olam Agri after investing US$1.24 billion in the unit

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Michelle Zhu

Michelle Zhu

Published Fri, Nov 1, 2024 · 10:44 AM — Updated Fri, Nov 1, 2024 · 07:31 PM
    • The deal is estimated to place Olam Agri at a valuation of about US$4 billion.
    • The deal is estimated to place Olam Agri at a valuation of about US$4 billion. PHOTO: REUTERS

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    SHARES of Olam Group touched a new record price after the group announced that a state-owned Saudi investment firm had made a non-binding indicative offer for the group’s remaining stake in Olam Agri.

    As at 1.36pm on Friday (Nov 1) the counter jumped 16.8 per cent or S$0.18 to S$1.25, its highest share price since September 2023. The last time Olam nearly reached such a level was when it hit an intra-day high of S$1.24 on Aug 13, 2024.

    It later eased to trade at S$1.21 by 3.47pm, up S$0.14 or 13.1 per cent, with 12.1 million shares transacted.

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    OlamM&ASaudi ArabiaAgriculture/Farming

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