Olam Agri Singapore-Saudi dual listing could raise $1bln –‎Reuters

Olam Group plans to list its agricultural unit in Singapore and Saudi Arabia, and this may raise one billion dollars.

Olam said today, Tuesday, that it intends to offer its agricultural unit in Singapore and Saudi Arabia in the first half of this year at the earliest, in the first dual listing of its kind.

According to Reuters, two sources said that the offering could raise up to $1 billion.

The move comes after Olam Commodity Trading Company finished last year selling a 35.4 percent stake in Olam Agricultural to the Saudi Agricultural Investment and Livestock Production Company of the Public Investment Fund for $1.24 billion.

“The decision takes into account the current trends in the agricultural sector globally, which are very favorable, and the growing food security concerns globally,” said Sunny Verghese, CEO and co-founder of Olam Group, at a press conference today, Tuesday.

The two sources familiar with the IPO details said the company could raise between $500 million and $1 billion.

The offering date depends on when the company will be able to obtain complex regulatory approvals from the Singapore and Saudi stock exchanges in the coming months.

Olam said that the initial public offering may include a local and international sale of the shares it owns in the unit, as well as new shares in its agriculture unit.