SALIC completes acquisition of stake in Olam Agri Holdings
The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund, confirmed that it has completed the acquisition of a 35.43% stake in Olam Agri Holdings for SAR 4.65 billion (about $1.2 billion).
Group CEO of SALIC, Eng. Sulaiman Al Rumaih mentioned that SALIC was able to obtain all the necessary approvals from the relevant authorities to complete the deal with Olam Agri. The CEO pressed on the fact that both SALIC and Olam have entered into a strategic supply and cooperation agreement which would enable SALIC to help the Kingdom of Saudi Arabia to further progress its food security agenda.
Olam Agri, with its headquarters in Singapore, is one of the world’s leading commodity trading and processing companies specialising in grains, oilseeds, rice, and animal feed. Olam has a significant presence in Africa and has the capacity to handle more than 40 million tonnes of products annually.