Olam Group completes $1.24 bln stake sale in agri unit to Saudi firm
Olam Agri equity valued at $3.5 billion
26 December 2022
1 minute read
By: Singapore's commodity trader Olam Group 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, according to Reuters.
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.
