Industry PIF’s Salic seeks to buyout Olam’s agriculture unit By Pramod Kumar November 3, 2024, 3:11 PM Unsplash.com The Public Investment Fund subsidiary acquired a 35.43 percent stake in Olam Agri for $1.24 billion in December 2022 Singapore-based Olam Group has confirmed that Saudi Agricultural and Livestock Investment (Salic) has offered to acquire its remaining stake in Olam Agri Holdings. The Public Investment Fund (PIF) subsidiary acquired a 35 percent stake in Olam Agri for $1.24 billion in December 2022, valuing the company at $3.5 billion. Olam Group retains 64.6 percent of its wholly-owned agri-business subsidiary. Olam is presently exploring with its appointed advisers the sale of such a stake in agribusiness, the company said in a filing to the Singapore stock exchange. However, no definitive terms or formal legal documentation have been finalised yet. While discussions on potential stake sale will continue, the company will evaluate conditions for an initial public offering (IPO) and planned demerger of Olam Agri. In August 2023, the group announced plans for Olam Agri’s dual listing in Singapore and Saudi Arabia by the first half of 2024. However, regulatory delays have since pushed back the timeline.
Sustainability UAE to get first lithium battery recycling plant The UAE’s first lithium battery recycling plant will become fully operational by Q2 2027. The facility, a collaboration with state-backed Kezad Group and Witthal Gulf Industries, a unit of Singapore-based Witthal Group of Companies, will have the capacity to recycle 5,000 tonnes of battery waste annually by 2027. The plant is expected to save an […] 4 hours ago
Construction Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] 4 hours ago
Transport PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] 4 hours ago
Finance Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme (EEF). The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding […] 3 hours ago
