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

OLAM International's O 32 executive director A Shekhar will step down from his post to focus on his responsibilities as the chief executive of Olam Food Ingredients (OFI), the company said in a bourse filing on Friday (Dec 31).

The Singapore-headquartered food and agri-business company had earlier in December announced that it is seeking shareholders' approval to carve out and list its food ingredients arm by way of a scheme arrangement.

It is seeking an initial public offering for OFI on the London Stock Exchange, with a concurrent secondary listing in Singapore, by the first half of 2022.

The company plans to undertake a series of transactions to reorganise its business portfolio into 3 operating groups for the subsequent listing of OFI to take place.

The mainboard-listed company on Dec 7 had also secured a US$150 million club loan which could fund the proposed demerger and IPO of OFI.

Shares of Olam closed flat at S$1.75 on Thursday before the announcement.