Olam International Limited has announced that its operating group, OFI, which contains its cocoa division, intends to seek a primary listing on the premium segment of the London Stock Exchange – along with a concurrent listing on the Singapore Exchange by the first half of 2022, raising approximately S$2.8bn.
The Singapore-based agribusiness also released a strong set of financial results for the first six months of 2021, delivering a strong performance with operational profit after tax and minority interests (PATMI) growing by 26.7% to S$421.5m ($310.7m) in the first six months of 2021, from S$332.7m in the same period a year ago.
Excluding non-recurring exceptional items, group PATMI rose 116% year-on-year to S$436.6m.
The listing is part of a restructuring plan announced in January 2020 that saw Olam split its business into two distinct operating groups focusing on food ingredients and the global agribusiness.
Olam Co-Founder and Group CEO Sunny Verghese said: “We continue to execute our re-organisation with OFI’s planned concurrent listings in London and Singapore, representing the best combination of listing venues.
“We are excited about the prospects of listing OFI as an attractive play for the growing demand for natural, plant-based ingredients and value-added solutions, which are sustainably sourced and traceable. Separately, we are evaluating various strategies to maximise OGA’s long-term growth potential and value enhancement within the Group as it continues with its plan for carve-out, potential IPO and demerger by H1 2023.”
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