The listing of Olam Group’s VC2 majority-owned agri business subsidiary Olam Agri will not be completed by 1H2023 as originally planned, the company says in a filing.
On Jan 10, the company announced that it is seeking a primary listing on the mainboard of the Singapore Exchange (SGX) S68 and exploring a concurrent dual listing on Saudi’s Tadawul.
Given the distinct nature of the transaction, all the necessary regulatory approvals required to launch this transaction are yet to be obtained, the company says.
Olam Agri will be the first foreign company not incorporated in a Gulf Cooperation Council country to be listed in Saudi Arabia. It will also be the first dual listing on both the SGX and Tadawul as well as the first potential offering of Saudi Depositary Receipts.
Moving forward, Olam continues to observe the growing importance of key global agri-business trends relating to food security concerns and the growing interest from institutional investors in this theme.
“These industry trends and Olam Agri’s position as a differentiated and market leading global food, feed and fibre agri-business underpin our confidence in continuing to pursue the Olam Agri IPO at the next practical window, subject to receiving all the necessary approvals and based on prevailing market conditions,” it adds.
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As at 1.23pm, shares in Olam are trading 7 cents lower or 4.8% down at $1.39.
