Olam Group targets IPO of Olam Agri as early as H1 2023, with primary listing in Singapore and potential concurrent listing in Saudi Arabia
Olam Agri IPO is an opportunity to unlock shareholder value by tapping into current global agri-industry trends, enhanced global focus on food security and Olam Agri’s position as a growing company with a consistent track record
Plans primary listing on the mainboard of the Singapore Exchange (“SGX”), with a possible concurrent listing on the Saudi Exchange of the Kingdom of Saudi Arabia, making it the first listing of a global company in Saudi Arabia
Olam Group Limited (“Olam Group”, “the Group” or “the Company”) to seek shareholder approval for the concurrent IPO on SGX and demerger of Olam Agri Holdings Pte. Ltd. (“OAHPL”) (Olam Group’s majority-owned agri-business subsidiary, which holds the Olam Agri business) from the Olam Group by distribution in specie of shares in OAHPL to shareholders
No change to Olam Group’s plans for Olam Food Ingredients (“ofi”) listing on the premium segment of the London Stock Exchange (“LSE”), with a concurrent listing in Singapore, subject to market conditions
Olam Group Limited announced today that it plans to list its majority-owned agri-business subsidiary, Olam Agri Holdings Pte. Ltd. (“OAHPL”), which holds the Olam Agri business, as early as H1 2023 (the “Olam Agri IPO”).
Olam Agri is a food and agribusiness with a global origination and merchandising footprint, processing capabilities and an understanding of food and agricultural market needs built over 33 years. With its presence across emerging markets and global capabilities, Olam Agri is positioned to serve and capitalise on meeting rising demand for food, feed and fibre, amid a greater global focus on food security.
On December 23, 2022, the Group announced a strategic partnership between Olam Agri and The Saudi Agricultural and Livestock Company (“SALIC”) through the sale of a substantial minority stake in OAHPL for US$1.24 billion (“SALIC Transaction”) that was completed on December 23, 2022.
Following the SALIC Transaction, the Group is seeking a primary listing for OAHPL on the mainboard of the SGX, while exploring a concurrent listing on the Saudi Exchange, subject to market conditions. If the concurrent listing takes place, the Olam Agri IPO would be the first dual-listing for a company on these two bourses and the first ever listing in Saudi Arabia of a non-Gulf Cooperation Council incorporated business.
The decision to target an IPO for OAHPL as early as H1 2023 follows a thorough review in relation to maximising Olam Group’s long-term shareholder value. The decision also considers the global agri-business trends, rising food security concerns and OAHPL’s demonstrated growth and sound track record of performance.