Olam to sell remaining stake in Olam Agri for US$2.6 billion, focuses on IPO of business unit ofi
Add BT as a preferred source
OLAM is divesting its remaining stake in Olam Agri to Saudi Agricultural and Livestock Investment Company (Salic) for US$2.6 billion.
While the board has yet decided on the specific use of the proceeds, Olam’s co-founder and group chief executive officer Sunny Verghese said Olam would continue seeking “strategic options to unlock value” for the other two parts of its business – ofi (Olam Food Ingredients) and the remaining Olam Group – including the pursuit of an initial public offering for ofi.
Shares of Olam Group , which holds about 64.6 per cent of Olam Agri, jumped 5.3 per cent, or S$0.06, to close at S$1.19 on Monday (Feb 24).
TRENDING NOW
Asia-Pacific aviation: is up really the only way?
Russia’s ‘pivot to Asia’ takes a turn as it prioritises ties with isolated regimes over bigger economies
Why disciplined stewardship matters when managing wealth in uncertain markets
More than 15,000 sign up for national accounting body’s AI programme in two months
