Olam Agri’s dual IPO listing in Singapore and Saudi Arabia could happen as early as June, said sources. The dual listing could see them raise up to $1bn across both countries. Sources noted that most of the IPO’s processes had been completed and the listing is only pending regulatory approval. This would make Olam Agri the first company to list in both countries and also become the first non-GCC company to list in Saudi Arabia. Olam Group had hired banks for the Singapore IPO listing of its agribusiness Olam Agri in January 2023. This was after it completed the sale of a 35% stake in Olam Agri for $1.24bn to state-owned Saudi Agricultural & Livestock Investment Co. with a valuation of $3.5bn.

Olam’s SGD 5.375% Perp was trading stable at 92.4, yielding 8.13% to call.

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