Olam Agri may launch dual initial public offering on Saudi, Singapore marketplaces
(MENAFN) As it considers a dual posting with the Singapore exchange, the food and agribusiness Olam Agri Holdings might become the first global corporation to list on the Saudi stock market, according to the company.
The proposal was developed after the Saudi Agricultural and Livestock Company, or SALIC, paid SUSD1.24 billion in December last year to acquire a minority share in the company.
The parent company of the agribusiness, Olam Group, is now considering proceeding with what would be the first-ever listing in Saudi Arabia of a non-Gulf Cooperation Council incorporated company as a result of that agreement.
"With the completion of the minority stake sale and strategic partnership with SALIC, Olam Agri is positioned to grow as a result of the demand for food, feed and fiber across end-consumption growth markets," claimed Sunny Verghese, co-founder, group CEO of Olam Group, and CEO of Olam Agri.
He also mentioned that “we are exploring a dual-listing in Singapore and Saudi Arabia – which would be the first of its kind – to tap into our strong Singapore and global shareholder base whilst welcoming investors in the Middle East, a region we intend to grow further.”
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