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PIF-backed Salic wants a bigger piece of Olam-Agri Holdings: Saudi Agricultural and Livestock Investment Co. (Salic) has made a non-binding offer to acquire its remaining stake in Singapore-based Olam Group’s agribusiness unit, Olam Agri Holdings, Olam said in a bourse filing (pdf).
The transaction could value Olam Agri at USD 4 bn, Bloomberg reported, adding that negotiations are in an advanced stage. Olam said it is currently evaluating the offer, but noted that the bid could fall through as no binding terms or agreements have been reached.
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BACKGROUND- Salic acquired a 35.43% stake in Olam Agri in 2022 in a transaction worth USD 1.24 bn, reducing Olam Group’s holding to 64.57%. In August 2023, Olam announced plans to pursue a dual listing in Singapore and Saudi Arabia by 1H 2024, though the timeline has been delayed due to “regulatory bottlenecks,” according to Reuters. Olam’s filing said it will “concurrently explore other strategic options” for its agribusiness listing.
IN OTHER M&A NEWS-
BinDawood Holding is acquiring Zahrat Al Rawdah Pharmacies, a wholly-owned subsidiary of UAE-based Gulf Pharma Industries’ (Julphar) retail and distribution arm, Julphar said in a statement. The agreement is slated for completion in 1Q 2025 and is subject to regulatory approvals, Argaam reported. Julphar’s subsidiary currently operates 173 Zahrat Al Rawdah pharmacies in the Kingdom.
