Olam Group says Olam Agri’s dual listing unlikely in H1 2023

Logo of Olam Agri Holdings Limited

Olam Group does not expect to launch the dual initial public offering (IPO) of Olam Agri Holdings Ltd. in Singapore and Saudi Arabia in H1 2023, as planned earlier, the company said in a press release.

The company noted that the required regulatory approvals for the dual listing are yet to be obtained.

Determining the timing of the share dual listing is subject to the regulatory approvals in Singapore and Saudi Arabia, in addition to the market conditions, the statement added.

Olam Group added it will continue to pursue the dual listing and will unveil the relevant updates in due course.

In January, Olam Group announced plans to float its agricultural business unit for public offering on the Singapore Exchange (SGX), with the possibility of a dual listing on the Saudi Exchange (Tadawul) during the first half of 2023, according to data available with Argaam.

In December 2022, Saudi Agricultural and Livestock Investment Co. (SALIC), a wholly owned subsidiary of the Public Investment Fund (PIF), completed the acquisition of a 35.43% stake in Olam Agri for SAR 4.65 billion, data compiled with Argaam showed.

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