Against all odds, the global agricultural commodities trading giant – which has a strong presence in Africa – is continuing with the reorganisation it launched in early 2020. Olam Agri is one of the group’s subsidiaries that was created in the context of the restructuring.
The latest step was the 25 March announcement of an agreement with Salic (Saudi Agricultural and Livestock Investment Company), a wholly-owned subsidiary of the Public Investment Fund (PIF) – a Saudi Arabian sovereign wealth fund.
The agreement will see Salic buy 35.4% of Olam Agri for $1.24bn. Expected to be completed by the end of the year, the deal – which involves the Singapore offices of Rothschild & Co and Credit Suisse on the Olam side and Goldman Sachs Saudi Arabia on the Salic side – values Olam Agri at $3.5bn.