Olam delays Saudi listing of agriculture unit

Olam delays Saudi listing of agriculture unit

Olam Group, which has its headquarters in Singapore, has ruled out listing its agricultural unit on the Saudi stock exchange in the first half of 2024. CEO Sunny Verghese said in August that the company was targeting the dual listing in Singapore and Saudi Arabia in the first half of 2024, which could raise up to […]Olam Group, which has its headquarters in Singapore, has ruled out listing its agricultural unit on the Saudi stock exchange in the first half of 2024.

CEO Sunny Verghese said in August that the company was targeting the dual listing in Singapore and Saudi Arabia in the first half of 2024, which could raise up to $1 billion.

“The Olam Agri IPO will not take place in H1 2024 as the regulatory framework is still being finalised in Saudi Arabia to enable the listing of foreign companies and the issuance of Saudi depositary receipts on the Saudi exchange,” the commodity trader said in a statement.

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No further details were given on the IPO plan.

The dual IPO on the stock exchanges of