Salic increases stake in Olam Agri to 80%

Saudi Agricultural and Livestock Investment Company (Salic) has completed the acquisition of a 45 percent stake in Olam Agri Holdings for $1.8 billion.

The purchase implies an equity valuation of $4 billion for Olam Agri, the Singapore-based Olam Group said in a statement on Monday.

Olam Agri will now be 80 percent owned by Salic, the food and agriculture investment arm of the Public Investment Fund. The remainder is owned by an associate of Olam Group.

Salic has the option to acquire the remaining 20 percent within the next three years for almost $800 million. 

Sunny Verghese, CEO of Olam Agri, said the completion of Salic’s acquisition will accelerate his company’s growth.

Plans for Olam Agri’s dual listing in Singapore and Saudi Arabia were announced in August 2023 and intended for the first half of 2024. However, regulatory delays pushed back the timeline. 

• PIF-backed Olam Agri raises nearly $2bn
• PIF unit backs Brazilian beef exporter’s capital top-up
• PIF subsidiary takes stake in Ukraine poultry producer