Olam Group shelves plan to list agri unit on Saudi Exchange

Olam Group shelves plan to list agri unit on Saudi Exchange

Singapore’s Olam Group said that it does not expect to complete the initial public offering (IPO) of its agricultural unit, Olam Agri Holdings, by the first half of 2023, as the company has not yet received all necessary regulatory approvals. “Given the distinct nature of the transaction, as Olam Agri will be the first foreign company not incorporated in the GCC to be listed in Saudi Arabia, the first dual listing on both the Singapore Exchange and the Saudi Exchange, all the necessary regulatory approvals required to launch this transaction are yet to be obtained,” Olam Group said in a bourse filing. said it will continue to pursue the IPO of Olam Agri at the next practical window. However, the Asian food and agri-business giant did not provide an approximate time frame and said that there is no assurance that it will materialise. Olam Agri’s listing was initially expected to be completed as early as the first half of 2023, with Olam aiming for about $600m to $700m in primary proceeds and as much as $400m in secondary proceeds, according to . The listing of its other food ingredients unit — known as ofi — was supposed to take place