RIYADH: Saudi Agricultural and Livestock Investment Co. has struck a $1.78 billion deal for a controlling stake in Singapore-based Olam Agri Holdings. According to a statement from the company, the deal will increase SALIC’s ownership from 35.43 percent to 80.01 percent, with the option to purchase the remaining 19.99 percent within three years. The deal is contingent upon regulatory approvals.
The action is in line with the Saudi company’s plan to fortify international food supply chains, which is consistent with its 2009 mandate as a Public Investment Fund-owned company that makes investments in livestock and agriculture to increase the Kingdom’s food security. The group CEO of SALIC, Sulaiman Al-Rumaih, stated, “This success has strengthened our confidence in our investment vision and our pursuit of sustainable growth.”
He continued, “It is a perfect fit with SALIC’s strategy of supporting high-potential, innovative businesses that use integrated supply chains both domestically and internationally to meet future food security needs.” With present investments covering five continents, seven countries, and sixteen food commodities, the organisation has a history of making investments throughout the global agri-food supply chain to increase access to necessary foods.
Al-Rumaih went on to say that Olam Agri would be able to increase its market presence by utilising SALIC’s vast global network thanks to the investment. “This investment will ultimately benefit consumers through improved food production and more effective distribution, in addition to reinforcing our leadership in the global grains sector,” he stated.
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