The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of PIF, announces the agreement to acquire 35.43% of Olam Agri Holdings for USD 1.24 billion, equivalent to SAR 4.65 billion. The transaction is expected to be completed during 2022 after obtaining the required approvals from the relevant international authorities.
Group CEO of SALIC, Eng. Sulaiman Al Rumaih said: “ Our partnership with Olam Agri aims to develop and support SALIC’s mission as PIF’s investment arm in the food and agriculture sector.”
Al Rumaih added that SALIC has extensive experience in the food and agriculture sector, which contributes to food security in the Kingdom of Saudi Arabia. Further, the partnership with Olam Agri will enrich SALIC’s roles to deliver food security in the Kingdom.
Al Rumaih explained that Olam Agri’s commercial success, expertise, scale in key commodity sourcing, and processing will add significantly to SALIC’s international portfolio. He also pointed out that, SALIC will continue to integrate both existing and future investments.
SALIC is developing a strong local and international presence along the food value chain and is well positioned.
It is noteworthy that Olam Agri is one of the world’s leading commodity trading and processing companies specializing in grains, oilseeds, rice, and animal feed. The company employs more than 9,100 employees in more than 30 countries. In 2021, the company handled more than 40 million tons of products and achieved revenues above USD 23 billion.