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Commodities

Olam plans Singapore, Saudi Arabia dual IPO of agricultural arm

Temasek-backed commodity trader hopes to list subsidiary in first half of 2023

Olam last year sold a 35.4% stake in its agribusiness arm to Saudi Agricultural & Livestock Investment, which had valued Olam Agri at $3.5 billion.   © Reuters

SINGAPORE -- Singapore-based Olam Group announced on Tuesday plans to debut its agribusiness arm on the city-state's bourse and also in Saudi Arabia, where if successful, the IPO will be the first of a business incorporated outside the region.

The dual initial public offering of Olam Agri Holdings is planned for the first half of this year, with a primary listing on the Singapore Exchange and a concurrent listing on the Saudi Stock Exchange (Tadawul). If all goes smoothly, Olam Agri will be the first company to be listed on the Saudi bourse that is not headquartered in the Gulf Cooperation Council -- a bloc that includes Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.

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