Hot stock: Olam Group tumbles 8% after announcing delay in OFI listing plans
Add BT as a preferred source
SHARES of Olam Group fell on Thursday (Mar 24) morning shortly after the group's food ingredients unit OFI said it no longer expects a planned initial public offering (IPO) to take place in Q2 of 2022.
As at the open of trade, the counter plunged 8 per cent or S$0.15 to S$1.72 following a series of sell-downs that saw some 1 million securities traded.
It later recovered slightly to trade at S$1.75 as at 9.43 am, down S$0.12 or 6.4 per cent, after 5.5 million of its shares changed hands.
No married deals took place in early trade, according to ShareInvestor data.
Earlier before the market opened, OFI said its delay in plans for the company to go public came in the light of current market conditions due to the ongoing conflict in Ukraine.
The company 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".
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
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.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
