OLAM Group&rsquo s proposed initial public offering (IPO) of its agribusiness unit is no longer expected to be completed by H1 of 2023 or ahead of the summer holiday period, as originally planned.

 

On Tuesday (May 30), the agri-food giant said all necessary regulatory approvals required to launch Olam Agri&rsquo s IPO have yet to be obtained to date, given the &ldquo distinct nature&rdquo of the transaction. 

 

Assuming the listing goes through, the group noted that Olam Agri would be the first foreign company not incorporated in a Gulf Cooperation Council country to be listed in Saudi Arabia.

 

It would also represent the first dual listing on both the Singapore Exchange and The Saudi Exchange, as well as the first potential offering of Saudi Depositary Receipts.

 

Olam Group said it continues to seek the concurrent listing of Olam Agri on the exchanges of both Singapore and Saudi Arabia.

 

It highlighted a &ldquo growing importance of key global agribusiness trends relating to food security concerns and the growing interest from institutional investors in this theme&rdquo , alongside Olam Agri&rsquo s position as a &ldquo differentiated and market-leading global food, feed and fibre agribusiness&rdquo .

 

These factors underpin the group&rsquo s continued pursuit of its agribusiness unit&rsquo s IPO &ldquo at the next practical window, subject to receiving all the necessary approvals and based on prevailing market conditions&rdquo , it added.