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Wolf Money(portfolio update end April 2026)long post Olam related
Mike doesn&rsquo t buy Nike
I went into a leading sportswear store to look at the World Cup jerseys on sale. The recent punt on Nike has to do with it. Nike&rsquo s leading position in sportswear is losing ground. Over the years, due to the company focusing on doing more direct sales online, many retailers were sidelined by the change in strategy. Many empty shelves in sports wear retailers give On and Hoka the opportunity to have a stronger presence in their stores.
https://lonewolfinvestor.blogspot.com/2026/04/wolf-moneyportfolio-update-end-april.html?m=1
Talk here, talk there, also got no headway. No dividend have yet to release to shareholders for 2026 is the truth.
Spot on ! The usd2b to pare down the debt will still be distributed as special dividends toOlam group shareholders eventually .
Alignment ( Date: 30-Apr-2026 09:56) Posted:
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You are correct about the assets being transferred around.
More broadly trying to split the debt between OFI and OGH is somewhat meaningless for the same reason. At the end of the day both are 100% liabilities of the listed entity in which we as shareholders are invested in.
More broadly trying to split the debt between OFI and OGH is somewhat meaningless for the same reason. At the end of the day both are 100% liabilities of the listed entity in which we as shareholders are invested in.
Assets Transferred to ofi (Olam Food Ingredients)
The re-organisation moved Olam?s value-added "ingredients" businesses into ofi to prepare it for a planned Initial Public Offering (IPO):
Coffee Plantation Business: Transferred from ROG to ofi in 2021.
Cocoa & Dairy: All global processing and sourcing for these ingredients.
Nuts & Spices: Includes almonds, cashews, and various spice processing plants.
Olam Group
Olam Group
+4
Assets Divested from ROG
Rather than being transferred to Agri or ofi, several major assets in the Remaining Olam Group have been sold to third parties as part of a liquidation strategy to return capital to shareholders:
The re-organisation moved Olam?s value-added "ingredients" businesses into ofi to prepare it for a planned Initial Public Offering (IPO):
Coffee Plantation Business: Transferred from ROG to ofi in 2021.
Cocoa & Dairy: All global processing and sourcing for these ingredients.
Nuts & Spices: Includes almonds, cashews, and various spice processing plants.
Olam Group
Olam Group
+4
Assets Divested from ROG
Rather than being transferred to Agri or ofi, several major assets in the Remaining Olam Group have been sold to third parties as part of a liquidation strategy to return capital to shareholders:
Assets Transferred to Olam Agri
In addition to the edible oil refinery in Mozambique, several other key industrial and commodity assets were shifted to Olam Agri to consolidate its "food, feed, and fibre" portfolio:
Olam Group
Olam Group
+3
Sugar Milling Assets (India): Transferred from ROG to Olam Agri in 2023.
Grains & Oilseeds: Includes major global sourcing and processing operations.
Rice & Cotton: Core commodity businesses moved into this segment.
Animal Feed & Protein: Operations in Nigeria and Senegal.
Rubber & Wood Products: Integrated into the Agri-industrial services.
Olam Group
Olam Group
In addition to the edible oil refinery in Mozambique, several other key industrial and commodity assets were shifted to Olam Agri to consolidate its "food, feed, and fibre" portfolio:
Olam Group
Olam Group
+3
Sugar Milling Assets (India): Transferred from ROG to Olam Agri in 2023.
Grains & Oilseeds: Includes major global sourcing and processing operations.
Rice & Cotton: Core commodity businesses moved into this segment.
Animal Feed & Protein: Operations in Nigeria and Senegal.
Rubber & Wood Products: Integrated into the Agri-industrial services.
Olam Group
Olam Group
Where did the S$2.8 billion go?
The S$2.8 billion represents the Invested Capital?the total money put into those businesses over years. The reason the BV is now only S$175 million is due to:
Asset Transfers: Profitable businesses (like the edible oil processing in Mozambique) were transferred from ROG to Olam Agri or ofi to prepare them for sale or IPO.. ----- GoogleAI
The S$2.8 billion represents the Invested Capital?the total money put into those businesses over years. The reason the BV is now only S$175 million is due to:
Asset Transfers: Profitable businesses (like the edible oil processing in Mozambique) were transferred from ROG to Olam Agri or ofi to prepare them for sale or IPO.. ----- GoogleAI
Understand some of the companies in ROG were actually in-house supporting AGRI operation , like the recent shut down Jiva , Arise is providing port service to products of AGRI , in bound and nout bound .
OLAM sold Arise and Mindspring at above BV , so not that bad as we assume ?
OLAM sold Arise and Mindspring at above BV , so not that bad as we assume ?
We base on yje revised BV , with the AGRI USD2.58B , the BV should be slightly more than S$10b , so the NTA per share should be around S$2.70. OFI ipo should revise the NTA even higher > correct me if I am wrong , thanks .
Simply, it is not good stock to invest?
alexvar ( Date: 29-Apr-2026 17:43) Posted:
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yep, too many problems and too much debt in OGH (previously Remaining Olam Group).
shitty assets, too much debt, bad host countries such as Gabon and Russia.
it' s pity Olaim sold its best profit-generating Olam Agri to bail out the debts of its cash-losing OGH (previously Remaining Olam Group) biz.
dydd.
shitty assets, too much debt, bad host countries such as Gabon and Russia.
it' s pity Olaim sold its best profit-generating Olam Agri to bail out the debts of its cash-losing OGH (previously Remaining Olam Group) biz.
dydd.
Seem like Olam in deep shit. Since it' s stink, better stay clear. But, why still got buyers and Temasek stay put?
alexvar ( Date: 29-Apr-2026 16:53) Posted:
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Basically, Olaim is using the Olam Agri sale proceeds to close down huge debts of its useless money-losing businesses in africa and russia.
What a disgrace!
How did Temasek let Olaim invest in those risky countries & risky assets ?!
because of these OGH (ROG) debts, they have to sell the solid Olam Agri biz.
dydd
What a disgrace!
How did Temasek let Olaim invest in those risky countries & risky assets ?!
because of these OGH (ROG) debts, they have to sell the solid Olam Agri biz.
dydd
alexvar ( Date: 29-Apr-2026 16:44) Posted:
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big questions:
1) how much sustainable Free cash flow & dividends OFI can produce after Olam Agri and OGH (previously Remaining Olam Group)?
2) OGH (previously Remaining Olam Group):
OGH: S$175 million equity
Collectively, OGH consisting of Olam Palm Gabon, Olam Rubber Gabon,
Rusmolco, Caraway, ARISE P& L, Mantra, Gabon Fertiliser Project, together with Mindsprint
and Terrascope, has a total invested capital of approximately S$2.8 billion as at end-2025.
OGH has huge debts, and shitty assets such as in Russia and Gabon?
OGH Total assets S$2.8 billion
OGH equity: S$175 million
OGH Total liabilities: staggering debts of S$2.6 BILLION
OGH LEVERAGE (total assets / total equity): 16X
OMG, OGH is a major indebted mess!
dydd
1) how much sustainable Free cash flow & dividends OFI can produce after Olam Agri and OGH (previously Remaining Olam Group)?
2) OGH (previously Remaining Olam Group):
OGH: S$175 million equity
Collectively, OGH consisting of Olam Palm Gabon, Olam Rubber Gabon,
Rusmolco, Caraway, ARISE P& L, Mantra, Gabon Fertiliser Project, together with Mindsprint
and Terrascope, has a total invested capital of approximately S$2.8 billion as at end-2025.
OGH has huge debts, and shitty assets such as in Russia and Gabon?
OGH Total assets S$2.8 billion
OGH equity: S$175 million
OGH Total liabilities: staggering debts of S$2.6 BILLION
OGH LEVERAGE (total assets / total equity): 16X
OMG, OGH is a major indebted mess!
dydd
Accumulate Olam 1.02 - 1.03
Thanks Kiki, can we assume the total liability of the ROG is usd2B ?
Kikikiki ( Date: 29-Apr-2026 09:36) Posted:
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He was referring to the perpetual bonds (perps), not perks.
chances of tranche two early purchase is high at 2027 as well, as there is a 6% interest IRR compounded if they delay and opt for 3 years at 2029. just hope the management execute the whole restructure nicely together with ofi ipo listing. for now it is a waiting game
One investor in AGM of Olam yesterday asked the CEO ， what is the " perks " of ROG , What exactly is this "perks" ? Hope some friends can help to enlighten , thanks.