Saudi news

Olam is planning a dual offering in Saudi Arabia and Singapore during the first half

Singapore’s Olam Commodities Trading Company said today, Tuesday, that it intends to conduct an initial public offering in Olam Agricultural Holding, in which it holds a majority stake, during the first half of this year, in Singapore and Saudi Arabia simultaneously.

With this simultaneous listing, Olam Agriculture will be the first company to be listed in two countries, and the first commercial group from outside the GCC countries to be listed in Saudi Arabia.

The plan comes weeks after Olam completed the sale of a 35.43% stake in Olam Agricultural to the Saudi Agricultural Investment and Livestock Production Company (SALIC) for $1.24 billion.

The deal valued Olam Agriculture at $3.5 billion, with the Olam Group retaining the remaining stake.

Sunny Verghese, CEO and co-founder of Olam Group and CEO of Olam Agriculture, said: “We are considering a dual listing in Singapore and Saudi Arabia which will be the first of its kind to capitalize on our strong presence in Sanfora and our international shareholder base, while welcoming investors in the Middle East. It is an area where we are targeting further growth.”

And the Olam Group stated that the initial public offering may include the sale of shares it owns in the unit locally and internationally, as well as new shares in “Olam Agricultural”.

It stated that it was working with a group of banks for the proposed dual offering, noting that Rothschild & Co Singapore would be an independent financial advisor.

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