Olam Group plans to list its agricutural unit in Singapore and Saudi Arabia as early as the first half of this year in the first such dual listing, it said on Tuesday, with two sources telling Reuters it could raise up to $1 billion.
SINGAPORE, Jan 10 - Olam Group
"The decision takes into account the current global agri business trends which are very favourable and the rising food security concerns globally," Sunny Verghese, co-founder and Group CEO of Olam Group, told a news conference on Tuesday. Singapore state investor Temasek Holdings owns 51% in Olam and Japanese trading house Mitsubishi CorpThe sources with direct knowledge of the IPO told Reuters it could raise between $500 million to $1 billion. The timing depends on when Olam is able to obtain complex regulatory approvals from Singapore and Saudi exchanges over the next several months.
Olam said a primary listing in Singapore and a potential concurrent listing on the Saudi Exchange would make Olam Agri the first company to list on both exchanges and also the first non-Gulf Cooperation Council incorporated business to list in Saudi Arabia.
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