Markets Singapore firm plans dual listing on Saudi bourse by H1 2023 By Reuters January 10, 2023 REUTERS/Edgar Su Olam Agri CEO Sunny Verghese says the company intends to grow further in the Middle East Singapore commodity trader Olam Group on Tuesday said it plans to conduct an initial public offering (IPO) for majority-owned Olam Agri Holdings as early as the first half of this year, listing the unit domestically and concurrently in Saudi Arabia. A concurrent listing on the Saudi Exchange would make Olam Agri the first company to list in both countries and the first non-Gulf Cooperation Council incorporated business to list in Saudi Arabia. The plan comes weeks after Olam Group completed the sale of 35.43 percent of Olam Agri to Saudi Agricultural & Livestock Investment Co for $1.24 billion, giving the unit an equity valuation of $3.5 billion. Olam Group continues to own the remainder. “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,” said Sunny Verghese, co-founder and chief executive of Olam Group and CEO of Olam Agri. Olam Group said the IPO may involve a domestic and global sale of shares it holds in the unit as well as new Olam Agri shares. It said it is working with a syndicate of banks for the proposed dual listing and that Rothschild & Co Singapore Ltd is acting as independent financial adviser.
