Olam Group Faces Delay in IPO of Agri Unit in #SaudiArabia - Bloomberg

Olam Group Faces Delay in IPO of Agri Unit in Saudi Arabia - Bloomberg

Olam Group’s shares sank more than 7% after the agricultural commodities trader said the listing of its unit in Saudi Arabia won’t be completed in the first half of the year as planned.

The company hasn’t received all the regulatory approvals needed for its concurrent dual listing of Olam Agri in Saudi Arabia and Singapore, Olam said in a statement. It will continue to pursue the initial public offering of Olam Agri in the next practical window, it said.

Olam’s shares dropped as much as 7.5% in Singapore to S$1.35, the biggest loss since March 2022. The stock pared some of those losses but is still set for the lowest close since December.

 

 

The Singapore-based trader announced its IPO plan for Olam Agri in January, saying it would be the first listing of a global company in Saudi Arabia. It was targeting $600 million to $700 million in primary proceeds, and about $300 million to $400 million in secondary proceeds, it said in March.