Singapore-based Olam Group Plans IPO for Agriculture Arm in 2024
Singapore-based Olam Group said today Friday that it aims to offer its agriculture arm for an initial public offering in the first half of 2024 and announced that its profits were down 88.8% in the first half of this year due to declining almond crop productivity in Australia.
The commodities trading group said in May it did not expect Olam Agriculture’s dual listing in Singapore and Saudi Arabia in the first half of 2023, as originally planned, according to Reuters.
It previously said it also intends to launch its Olam Food Ingredients division as part of a comprehensive plan to reform its operations, but confirmed today, Friday, that this will not happen prior to listing the agricultural division.
Agricultural company Olam, which trades in grains, animal feed, edible oils, rice and cotton, said its first-half profit before interest and taxes fell 9 percent.
Olam Group, one of the world’s largest agricultural commodity trading companies, reported a profit of S$48 million ($35.6 million) in the six months ended June 30, compared to S$429.1 million a year earlier.
