Singapore's Olam receives buyout offer for agri unit amid IPO delays (updated)

Olam

01/11/2024 05:10

(Updates with further details on deal, context)
       Nov 1 (Reuters) - Singapore-based Olam Group  OLAG.SI 
said on Friday that Saudi Agricultural and Livestock Investment
(SALIC) had made an offer to buy its remaining stake in Olam
Agri  IPO-OLAA.SI .
    The offer comes almost two years after the group completed
the sale of a 35.43% stake in Olam Agri to SALIC for $1.24
billion in December 2022. The transaction had given Olam Agri an
equity valuation of $3.5 billion. 
    Olam Group currently holds a stake of 64.57% in Olam Agri.
    One of the world's biggest agricultural commodity traders,
Olam Group said it was currently exploring a potential sale of
its stake in the agriculture business, Olam Agri.
    The group said no definitive terms or formal legal
documentation had been agreed upon yet.
    In August 2023, the group said Olam Agri aimed for a dual
listing in Singapore and Saudi Arabia by the first half of 2024.
However, the process has been delayed due to regulatory
bottlenecks.
    The company said it would continue to monitor various
conditions guiding its decision concerning the IPO and
concurrent demerger for Olam Agri.
    

 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by
Subhranshu Sahu)
 ((Adwitiya.Srivastava@thomsonreuters.com;))