Skip to content Skip to Search
Skip navigation

Olam delays Saudi listing of agriculture unit

By Pramod Kumar
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.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]