Olam Group completes $1.24 bln stake sale in agri unit to Saudi firm

Rothschild & Co SCA

23/12/2022 05:28

SINGAPORE, Dec 23 (Reuters) - Singapore's commodity
trader Olam Group  OLAG.SI  said on Friday it had completed the
sale of a 35.43% stake in its unit Olam Agri to Saudi
Agricultural and Livestock Investment Co (SALIC) for $1.24
billion.
    The deal, which was first announced on March 25, values Olam
Agri at an equity valuation of $3.5 billion, Olam Group said in
a statement. 
    Olam Group said the deal unlocks value for its shareholders
and sets a benchmark valuation for Olam Agri. SALIC and Olam
Agri have also inked an agreement that will help the
Singapore-based firm gain quicker access into the Middle East
markets, it added.
    Olam Agri, in which Olam Group will continue to hold a
64.57% stake, is one of the three operating groups formed in
early 2020 by Olam Group as the result of a re-organisation.
 (Reporting by Yantoultra Ngui; Editing by Rashmi Aich)
 ((Yantoultra.Ngui@thomsonreuters.com;))