The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund, confirmed that it has completed the acquisition of 35.43% stake in Olam Agri Holdings for SAR 4.65 billion. The Acquisition agreement for the transaction was signed in March 2022.
Group CEO of SALIC, Eng. Sulaiman Al Rumaih mentioned that 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. The CEO pressed on the fact that both SALIC and Olam have entered into a Strategic Supply & Cooperation Agreement which would enable SALIC to help the Kingdom of Saudi Arabia to further progress their food security agenda.
Eng. Sulaiman 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 the Kingdom’s 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.
It is noteworthy that Olam Agri, with its headquarters 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.