Global food and agribusiness company Olam Group is set to sell 44.58% of its stake in Olam Agri Holdings to Saudi Agricultural and Livestock Investment Co (SALIC).
Three years after the completion of that transaction, Olam Group said it would sell its remaining 19.99% stake in Olam Agri to SALIC.
Olam Agri specialises in the processing and trading of animal feed, grains, oilseeds, rice and other products and is active in more than 30 countries. In 2023, the company handled 40M tonnes of commodities.
The company sources, trades, ships, distributes and processes grains and oilseeds such as wheat, maize, barley, rye, flaxseed, sorghum, chickpeas and soyabeans.
Its oil portfolio includes palm, rapeseed, soyabean and sunflower oils and it serves sectors from food manufacturing to personal care.
The company also operates edible oil processing and refining plants in Nigeria and Mozambique. where it refines crude vegetable oils and markets refined, bleached and deodorised palm oil, palm olein and refined soyabean oil.
Established in 2009, SALIC aims to achieve food security for Saudi Arabia through domestic and international investments.
SALIC CEO Sulaiman AlRumaih said the full acquisition agreement of Olam Agri aligned with SALIC’s strategic objectives of diversifying sources of essential commodities, strengthening supply chain integration, and enhancing logistical efficiency across its local and international investments.
“This acquisition underscores SALIC’s ambition to secure a key position in the global grains sector,” he added.
