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  • 11-01-23

    Olam Agri seeks to register on Saudi, Singapore trading markets in double IPO

    (MENAFN) Food and agribusiness Olam Agri Holdings might become the initial worldwide company to register on the Saudi share market the firm has declared as it ponders a double register with the Singapore exchange.

    The strategy comes following the Saudi Agricultural and Livestock Co. — recognized as SALIC — purchased a small share in the company in December last year for USD1.24 billion.

    That purchase has led the agri firm’s parent company— Olam Group — to think through moving forward with what would be the initial ever registering in Saudi Arabia of a non-Gulf Cooperation Council incorporated business.

    Sunny Verghese, co-founder and group chief executive of Olam Group and chief executive of Olam Agri, stated that “With the completion of the minority stake sale and strategic partnership with SALIC, Olam Agri is positioned to grow as a result of the demand for food, feed and fiber across end-consumption growth markets.”

    He continued: “We are exploring a dual-listing in Singapore and Saudi Arabia – which would be the first of its kind – to tap into our strong Singapore and global shareholder base whilst welcoming investors in the Middle East, a region we intend to grow further.”

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