Commodity Trader Olam Group Plans to List Agribusiness Unit in Saudi Arabia - Bloomberg
Olam Group, one of Asia’s biggest agricultural commodity traders, will pursue a primary listing for its agribusiness unit in Singapore and a potential concurrent listing in Saudi Arabia as early as the first half of 2023.
The proposed initial public offering of Olam Agri in Saudi Arabia would be the first listing of a global company in the country, Olam said in a statement. Saudi Arabia and the broader Gulf region are growing markets for the commodities that Olam Agri supplies, Group Chief Executive Officer Sunny Verghese said.
The plan follows the sale of a 35% stake in Olam Agri to state-owned Saudi Agricultural & Livestock Investment Co., a subsidiary of the oil-rich country’s Public Investment Fund. The deal valued the business at about $3.5 billion.
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