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Olam unit’s Singapore and Saudi listing likely in 2024 

By Pramod Kumar
Olam Agri
Olam Group reported a profit of S$48 million ($35.6 million) for H1 2023, down 88.8 percent from S$429.1 million a year ago

Singapore-based commodity trader Olam Group is targeting the dual listing of its agricultural unit in Singapore and Saudi Arabia by the first half of 2024, according to CEO Sunny Verghese.

“Olam Agri continues to target a first-of-its-kind dual-listing in Singapore and Saudi Arabia by H1 2024, subject to receiving all requisite approvals and prevailing market conditions,” he added.

In May, the company said it was not expecting the $1 billion dual listing to be completed as initially planned in the first half of this year as it was still waiting to receive regulatory approvals from Saudi Arabia.

Ofi – the food ingredient unit – will list in London and Singapore, Verghese said, adding the company is reconfiguring its portfolio for the remaining group while investing and developing its future growth engines.

Olam Group reported a profit of S$48 million ($35.6 million) for the six months ended June 30, down 88.8 percent from S$429.1 million a year ago.

Olam Group declared an interim dividend of 3 Singapore cents, compared with 4 Singapore cents a year earlier.

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