SALIC closes acquisition of 35.43% stake in Olam Agri

SALIC headquarters

The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund (PIF), completed the acquisition of a 35.43% stake in Olam Agri Holdings for SAR 4.65 billion.

In a company statement, Group CEO of SALIC, Sulaiman Al Rumaih said SALIC, in a few months, was able to obtain all the necessary approvals from the relevant authorities to complete the deal with Olam Agri Holdings. SALIC and Olam entered into a strategic supply & cooperation agreement which would enable SALIC to help Saudi Arabia to further progress their food security agenda.

Al Rumaih added that this acquisition is a step towards achieving SALIC’s vision of leadership in the food security sector in line with the national strategy for food security and the aspirations of Vision 2030, to ensure food sustainability, by elevating the commercial capacities and the integration of strategic investments and collaborations, as well as contributing to achieve the national goals for food security in strategic commodities, by expanding and diversifying foreign investments in countries with competitive advantage.

In March, SALIC signed an agreement to acquire 35.43% of Olam Agri for $1.24 billion (SAR 4.65 billion), Argaam earlier reported.

Olam Agri, headquartered in Singapore, is one of the world’s leading commodity trading and processing companies specializing in grains, oilseeds, rice, and animal feed. Olam exists in more than 30 countries worldwide and has the capacity to handle more than 40 million tons of products annually.

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