Saudi Arabia’s SALIC International Investment Company has finalized the acquisition of a 35.43% stake in Olam Agri Holdings for $1.24 billion. The transaction, concluded on December 23, 2024, places the valuation of Olam Agri Holdings at $3.5 billion. Olam Group retains a controlling stake of 64.57% in the agricultural business.
The agreement, first announced in March 2022, also created a Strategic Supply & Cooperation Agreement between Olam Agri and SALIC. This collaboration aims to strengthen Olam Agri’s presence in Middle Eastern markets.
Sunny Verghese, Co-Founder and CEO of Olam Group, pointed out the strategic value of the deal. “This agreement highlights Olam Agri’s strength in ensuring food security, which is becoming increasingly important in our field. Successfully closing such a large deal during global economic challenges shows how strong and adaptable Olam Agri’s business approach is,” he said.
Sulaiman AlRumaih, the CEO of SALIC Group, stressed how this purchase fits with Saudi Arabia’s Vision 2030 plan for economic change. “Olam’s global expertise in grains and various agricultural products makes this partnership a key part of reaching our strategic objectives,” he explained.
This purchase is an important step in Olam Group’s plan to reorganize and improve its business. The goal is to increase value for shareholders and make better use of its resources. The partnership is likely to bring strong benefits, helping Olam Agri grow and enter new markets.
For SALIC, a company focused on investments in food security, this deal is a smart way to expand its global investments and ensure a steady supply of essential goods. This is especially important as the world’s demand for food continues to grow.
