The Olam Group, operating in the food and agriculture sector, will not launch the dual initial public offering (IPO) of its agricultural unit in Singapore and Saudi Arabia in the first half of this year. Olam stated in a press release that "all necessary regulatory approvals to begin this listing have not yet been obtained."
It added, "The timing of the offering is subject to factors including regulatory approvals from Singapore and Saudi Arabia and market conditions." The company will continue to seek dual listing opportunities at the earliest possibility, without providing an approximate timeline.
The plan to list Olam's agricultural unit follows the sale of a 35.4% stake in the unit for $1.24 billion to the Saudi Agricultural and Livestock Investment Company through a deal valued at $3.5 billion. Shares of the commodity trading company fell by 6.9% today, Tuesday.
