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PIF’s Salic seeks to buyout Olam’s agriculture unit

By Pramod Kumar
Nature, Outdoors, Countryside Unsplash.com
The Public Investment Fund subsidiary acquired a 35.43 percent stake in Olam Agri for $1.24 billion in December 2022

Singapore-based Olam Group has confirmed that Saudi Agricultural and Livestock Investment (Salic) has offered to acquire its remaining stake in Olam Agri Holdings.

The Public Investment Fund (PIF) subsidiary acquired a 35 percent stake in Olam Agri for $1.24 billion in December 2022, valuing the company at $3.5 billion.

Olam Group retains 64.6 percent of its wholly-owned agri-business subsidiary.

Olam is presently exploring with its appointed advisers the sale of such a stake in agribusiness, the company said in a filing to the Singapore stock exchange. However, no definitive terms or formal legal documentation have been finalised yet.

While discussions on potential stake sale will continue, the company will evaluate conditions for an initial public offering (IPO) and planned demerger of Olam Agri.

In August 2023, the group announced plans for Olam Agri’s dual listing in Singapore and Saudi Arabia by the first half of 2024. However, regulatory delays have since pushed back the timeline.

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