Olam Group to promote stake in agri unit



SINGAPORE: Commodity dealer Olam Group plans to promote a 35% stake in unit Olam Agri to Saudi Agricultural and Livestock Funding Co for US$1.24bil (RM5.23bil), paving the best way for an preliminary public providing (IPO) and demerger of the unit .

The deal implies a valuation of US$3.5bil (RM14.8bil) for Olam Agri, one among three working teams fashioned in early 2020 as the results of a reorganisation.

“Secondary placement for Olam Agri would result in an instantaneous unlocking of worth for our shareholders, set a benchmark valuation for future IPO and demerger of Olam Agri,” mentioned Sunny Verghese, the group’s chief government.

Rothschild & Co suggested on the transaction, the corporate mentioned in a press release. — Reuters

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