Saudi Agricultural & Livestock Investment Co., controlled by the country’s sovereign wealth fund, will buy a 44.6% holding for US$1.78 billion in Olam Agri Holdings, the Singaporean trader said in a stock exchange filing earlier today.
Olam Group’s share price jumped after one of the world’s biggest cocoa and coffee merchant said it sold a stake in its agribusiness unit to a state-owned Saudi Arabian investment firm.
The stock rose by as much as almost 9% to $1.23 apiece in Singapore on Monday, before paring gains.
