Saudi Agricultural and Livestock Investment Co (SALIC) has successfully acquired a minority stake of 35.4% in Singapore-based commodity trader Olam Group through its wholly owned subsidiary, Olam Holdings Pte. Ltd. for SAR 4.65 billion ($ 1.24 billion).
SALIC is a wholly-owned subsidiary of Saudi Arabia’s sovereign wealth fund, PIF.
Olam is one of the world’s leading commodity trading and processing companies specializing in grains, oilseeds, rice, and animal feed, present in 30 countries with more than 9,100 employees.
The transaction, which was previously announced in March this year, values Olam Agri at an equity valuation of $3.5 billion, according to a statement by Olam Group.
Agri and SALIC have entered into an agreement that looks to push Olam Agri’s access into the Middle East markets.
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