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Olam delays Saudi listing of agriculture unit

Olam Group said the regulatory framework for listing on the Saudi stock exchange is still being worked out Reuters/Faisal Al Nasser
Olam Group said the regulatory framework for listing on the Saudi stock exchange is still being worked out

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.

No further details were given on the IPO plan.

The dual IPO on the stock exchanges of Singapore and Saudi Arabia would make Olam Agri the first company to list in both countries and also the first non-Gulf Cooperation Council-incorporated business to list in Saudi Arabia.

Olam sold a 35.4 percent stake in its agriculture unit in 2022 for $1.24 billion to Saudi Agricultural and Livestock Investment Co, a unit of sovereign Public Investment Fund.

The deal valued Olam Agri at an equity valuation of $3.5 billion, Olam said previously.

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