Olam Group's OFI to delay IPO and listing due to Russia-Ukraine conflict

OLAM Group's : VC2 0% food ingredients unit OFI (Olam Food Ingredients) no longer expects it planned initial public offering (IPO) to take place in Q2 of 2022, as previously anticipated.

This comes in light of current market conditions due to the ongoing conflict in Ukraine, said the company in a press statement on Thursday (Mar 24).

OFI added that it remains committed to pursuing a public listing of the business and will "evaluate the appropriate timing of such a listing on an ongoing basis, taking into account prevailing market conditions".

In the same announcement, OFI said it has also appointed 3 non-executive directors, including Olam Group's co-founder and group chief executive Sunny Verghese, to its board.

The other 2 comprise Temasek's joint head of investment and head of portfolio development Nagi Hamiyeh - who is also a non-executive director of Olam Group - as well as Nancy Cruickshank.

Cruickshank currently serves as a non-executive director on the boards of London-listed apparel company The Style Group; motor finance company Oodle Finance in the UK; Luxembourg-based shopping platform Allegro; and Irish bookmaking company Flutter Entertainment.

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Commenting on the appointments, OFI chief executive A Shekhar said: "We continue the process of building a strong inaugural board to lead us as we embark on OFI's next phase of evolution to become a UK-listed plc (public limited company). I look forward to working closely with all the directors in our exciting journey ahead."

Shares of Olam Group closed S$0.03 or 1.6 per cent lower at S$1.87 on Wednesday.

READ MORE: 

• Olam's executive director A Shekhar steps down from post to focus on Olam Food Ingredients

• Olam's food ingredient business headed for London, Singapore listings; H1 profit up 26% to S$421m

• Olam's reorganisation will help unlock units' full potential, says its CEO

• Olam's demerger will enhance shareholder value, improve financial position, it tells shareholders