The Saudi Agricultural Investment and Livestock Production Company (SALIC), wholly owned by the Public Investment Fund, has confirmed that it has completed the acquisition of 35.43% of Olam Agricultural Holding Company, with a total value of 4.65 billion riyals, after signing the acquisition agreement last March.
The CEO of Salik Group, Eng. Sulaiman bin Abdul Rahman Al-Rumaih, stated that the company was able, during the past months, to obtain the necessary approvals from the relevant authorities to complete the deal with Olam Agricultural Holding Company.
He pointed out that the two companies will work on integration and joint cooperation to contribute to meeting the growing global demand for food, according to what was reported by the Saudi Press Agency, “SPA”.
Al-Romaih added that the acquisition deal is a step to achieve Salik’s vision towards leadership in the field of food security in line with the national strategy for food security and the aspirations of the Kingdom’s Vision 2030 by raising commercial capabilities and integrating investments and strategic partnerships to ensure food sustainability and contributing to achieving the national goals for food security in commodities. The strategy is through expanding and diversifying foreign investments in countries with a comparative advantage.
It is noteworthy that the Olam Agricultural Holding Company, headquartered in Singapore, is one of the world’s leading companies in the field of grains, rice, fodder and edible oils. It is present in more than 30 countries around the world and has the capacity to handle more than 40 million tons of food commodities annually.