The Saudi Agricultural and Farm animals Funding Co. (SALIC), a completely-owned subsidiary of the Public Funding Fund (PIF), signed an settlement to get 35.43% of Olam Agri Holdings for SAR 4.65 billion ($1.24 billion).
In an announcement, SALIC acknowledged the transaction is predicted to be performed in 2022 after obtaining the mandatory approvals from the relevant authorities.
Olam is definitely one of the distinguished world’s leading commodity trading and processing corporations that focus on grains, oilseeds, rice, and animal feed. The firm has extra than 9,100 workers in extra than 30 countries. In 2021, Olam handled extra than 40 million hundreds products and recorded income of extra than $23 billion.
SALIC CEO Sulaiman Al Rumaih acknowledged: “Our partnership with Olam Agri objectives to originate and toughen SALIC’s mission as PIF’s investment arm within the food and agriculture sector.”
He added that SALIC has intensive expertise within the food and agriculture sector, which contributes to asserting food security in Saudi Arabia. “Further, the partnership with Olam will enrich SALIC’s roles to bring food security within the Kingdom.”
Al Rumaih explained that Olam’s industrial success, expertise, scale in key commodity sourcing, and processing will add very a lot to SALIC’s international portfolio.
He furthermore identified that SALIC will proceed to combine both existing and future investments.