Latest news with #OlamAgri
Zawya
an hour ago
- Business
- Zawya
Olam Agri backed by Saudi PIF secures $1.85bln dual-tranche financing facility
Subsidiaries of Singapore-based agriculture commodity trader Olam Agri have secured a three-year, $1.85 billion dual-tranche financing deal. The funding comprises a $1.6 billion conventional facility and a $250 million Islamic tranche. Olam Agri units, Olam Global Agri Pte. Ltd. and Olam Global Agri Treasury Pte. Ltd., are borrowers of the conventional tranche and purchasers for the Islamic tranche. Proceeds from the facility will be used for general corporate purposes. Food and agri-business conglomerate Olam Group owns 64.6% stake in Olam Agri, while the rest is owned by SALIC International Investment Company, a subsidiary of The Saudi Agricultural and Livestock Company, which is wholly-owned by the kingdom's wealth fund, PIF. For the conventional tranche, the Senior Mandated Lead Arrangers (MLA) are Australia and New Zealand Banking Group Limited, Banco Bilbao Vizcaya Argentaria, BNP Paribas, ING Bank, Intesa Sanpaolo Bank, and Natixis. First Abu Dhabi Bank is Mandated Lead Arranger. Dubai Islamic Bank is the Senior MLA and investment agent for the Islamic tranche. HSBC is the facility agent for the conventional tranche. (Reporting by Seban Scaria; editing by Brinda Darasha)
Business Times
3 days ago
- Business
- Business Times
Olam secures US$1.85 billion loan
[SINGAPORE] Agribusiness giant Olam has secured a US$1.85 billion loan for general corporate purposes, said the company on Friday (May 30) via a bourse filing. The loan, which was taken by Olam Agri – the company's food, feed and fibre operating group – has a three-year tenor and will be disbursed in two tranches. The first tranche is a US$1.6 billion conventional loan, while the remaining US$250 million will be issued as an Islamic loan. For the conventional tranche, the lead arrangers are ANZ, BBVA, BNP Paribas, ING, Intesa Sanpaolo, Natixis, as well as First Abu Dhabi. These are the banks responsible for arranging and syndicating the loan. HSBC is the conventional tranche's facility agent, which is responsible for managing the loan's day-to-day activities and the relationships between the borrower and lenders. For the Islamic tranche, the lead arranger and investment agent is Dubai Islamic Bank. Shares of Olam rose 1.1 per cent, or S$0.01, to close at S$0.90 on Friday.
Zawya
23-04-2025
- Business
- Zawya
A new model of forest management emerges in the Congo Basin
In the heart of the Congo Basin, the Republic of Congo protects a globally significant rainforest, covering over 60% of the nation. This biodiversity hotspot and vital carbon sink is crucial for the livelihoods of 75 million people but faces threats from deforestation, illegal logging, agriculture, mining, and degradation. A new model of integrated forest management is emerging, led by FSC-certified Olam Agri through its subsidiary Congolaise Industrielle des Bois (CIB), in collaboration with Kamba African Rainforest Experiences and conservation NGO, the Wildlife Conservation Society (WCS). This partnership demonstrates that conservation and economic growth can benefit from each , driving biodiversity preservation and local economic development. FSC project certification in Africa A significant milestone for this integrated forest management model was achieved in 2022 when Olam Agri became the first company in Africa to complete a Forest Stewardship Council® (FSC®) certified project. An eco-friendly restaurant was constructed at the Bomassa base of WCS Congo within the Nouabalé-Ndoki National Park. The FSC project certification confirms that all forest-based materials used to construct the restaurant originate from responsibly managed, FSC-certified sources. This shows how FSC certification goes beyond timber to enhance responsible land use, drive sustainability, and encourage multisectoral partnerships. For Vincent Istace, Head of Corporate Responsibility and Sustainability at Olam Agri, this achievement was possible thanks to a fruitful collaboration with WCS. This is in good standing with FSC's forest stewardship standard for the Republic of Congo that encourages certified forest managers to extend forest protection beyond certified areas via cooperation and partnership. 'This project reflects our long-standing partnership with WCS,' he states, 'we have been working together with WCS for over 25 years, and even before our FSC certification, we actively engaged with WCS, a crucial partner in our conservation efforts.' As Stephane Koudougnon, Administrative and Financial Director at the Nouabalé-Ndoki National Park in Bomassa, aptly describes it, 'La Grande Paillote' (common name of this FSC-certified restaurant) is a central gathering place for sharing meals, developing plans, and strategizing for wildlife and forest protection. Additionally, FSC-certified wood from Olam Agri was used to construct part of the Bomassa Government Primary School, providing modern educational facilities for 220 local children, including 116 girls and 63 Indigenous children. Protecting biodiversity and vital ecosystems FSC standards and policies mandate higher biodiversity protection, requiring certified forest managers to safeguard areas with high conservation values and critical ecosystem services. Since the establishment of the Nouabalé-Ndoki National Park in 1993, Olam Agri has partnered with WCS and the Ministry of Forest Economy to protect wildlife. Olam Agri supports the Nouabalé-Ndoki National Park Peripheral Ecosystems Management Project, covering over 1.5 million hectares. This project uses eco-guards, biomonitoring, and community engagement to protect wildlife from illegal poaching, safeguarding over 24,000 gorillas and 6,000 forest elephants. A conservation-oriented approach FSC certification obliges forest managers to protect rare, threatened, or endangered species. Olam Agri prioritizes the conservation of natural seed dispersers essential for forest regeneration. Their commitment includes substantial investments in research and protection programmes for these species. Olam Agri's data-driven approach to forest management minimizes environmental impact. By using extensive data analysis, they optimize logging routes and reduce forest disturbance. This approach has significantly decreased the length of forest trails and facilitated the development of a database containing over 1 million tree species. Instead of logging, Olam Agri designated 92,000 hectares of the Pikounda concession as a conservation area under the Congo REDD+ programme. This groundbreaking carbon conservation project in Central Africa demonstrates Olam Agri's commitment to environmental stewardship. Free, Prior, and Informed Consent (FPIC) FSC certification requires free, prior, and informed consent for management decisions, protecting the rights of forest dependent indigenous peoples and local communities in or near FSC certified operations. Olam Agri collaborates with Indigenous communities to strengthen forest management and governance. For example, Olam collaborated with WCS in the two-year FPIC consultation process which resulted in the inclusion of the Djéké Triangle into the Nouabalé-Ndoki National Park. This process, aligning with established standards for FPIC, facilitated the inclusion of the 95 sq km forest, home to critically endangered western lowland gorillas to the park. On February 10, 2023, the Congolese government gazetted the Djéké Triangle, validating its sustainable community use and adopting its management plan. Ecotourism for conservation and economic development Seeking a partner that aligned with their commitment to sustainability, Kamba African Rainforest Experiences turned to Olam Agri – CIB, a company with vast experience in managing forests and producing sustainable wood. 'We sought to explore the possibilities of collaboration – we asked ourselves, 'How can we, as ecotourists, and Olam Agri – CIB, as foresters, work together to promote this place and create opportunities at the community level and more broadly for Congo as an ecotourism destination?' Our collaboration with CIB allows us to think at a new economic model, where forests are protected not just through conservation efforts, but by making them valuable for local communities and ecotourists.' This exploration led them to focus on the possibilities of using certified sustainable wood, a crucial aspect for Kamba's long-term vision. This partnership resulted in the rebuilding of 24 eco-lodges at Lango and Mboko concessions within the Odzala-Kokoua National Park, using FSC-certified wood sourced from Olam Agri-CIB. 'This wood is of very high quality and also local,' says Elza Gilman. 'This collabration not only enhances the quality of our lodges but also significantly benefits the local economy. It takes many people to rebuild a lodge. Similarly, in the new lodge project, we create many jobs during construction. We support the local economy by purchasing wood from a local company established for many years.' Kamba employs 100 people at the Odzala-Kokoua National Park and its tourism activities impact the livelihoods of around 1,600 people around the Odzala-Kokoua National Park. Kamba believes that ecotourism can be profitable in the long run, but its core mission aligns with Olam Agri and the FSC's vision of preserving Congo's forests for all forever. Their choices and purchasing decisions reflect this commitment to sustainable practices. 'We really want to support Olam Agri – CIB in carrying out more certified projects in Congo for this reason,' concludes Elza Gilman. The CIB–Kamba–WCS partnership is a replicable model for sustainable forest management, combining FSC-certified forestry, ecotourism, and conservation. This approach aligns with FSC's proposed integrated landscape certification framework, which promotes local collaboration, ecosystem management, and inclusivity. By adopting landscape-level sustainability principles, this model sets a new standard for forest concessions worldwide, proving that forests can be managed for the benefit of all – forever. Distributed by APO Group on behalf of Forest Stewardship Council. Related links: Media contacts: Israel Bionyi Senior Regional Communications Manager FSC Africa FSC Africa T: +49 (0) 228 367 66 0 F: +49 (0) 228 367 66 65 About FSC: The Forest Stewardship Council® (FSC®) is a nonprofit organization governed by environmental, social, and economic perspectives equally – covers more than 150 million hectares of certified forests and is the global benchmark for sustainable forestry. NGOs, consumers, and businesses alike trust FSC to protect and enhance healthy and resilient forests, for all, forever.
Bloomberg
14-04-2025
- Business
- Bloomberg
Olam to Spend $2 Billion From Saudi Sale on Lowering its Debt
Singaporean food conglomerate Olam Group Ltd. said it will use proceeds from the recent stake sale in its agri-business unit to pay off debt, sending its shares up 4% on Monday. The group in February agreed to sell a controlling stake in Olam Agri to state-owned Saudi Agricultural & Livestock Investment Co. for up to $2.58 billion. Olam will spend about $2 billion of that to de-leverage its balance sheet, making it 'debt-free and self-sustaining', according to an emailed statement.
Yahoo
02-04-2025
- Health
- Yahoo
Better Cotton Aims to Improve Healthcare for Côte d'Ivoire Workers
Better Cotton wants to help Côte d'Ivoire workers get access to quality healthcare. The global cotton sustainability initiative launched a two-year pilot project in the West African nation to boost the availability of healthcare in cotton farming communities. The program will build an accessible, community-tailored healthcare offering for an initial 8,000 people in Côte d'Ivoire with the goal of creating a replicable model that can reach marginalized groups around the globe. More from Sourcing Journal Cotton Maintains 'Incredible Secrecy' About Synthetic Pesticide Use, Report Says Better Cotton Signs Roadmap for Sustainability in Uzbekistan Better Cotton Calls for Continued Commitment in Annual Report 'Farmer health and well-being are essential to supporting sustainable agriculture,' said Maria Kjaer, smallholder livelihoods manager at Better Cotton. 'We have the opportunity to remove healthcare barriers for farming communities to create a real, positive impact. I'm confident that with the support of a very committed network of partners, we can drive change in Côte d'Ivoire and beyond.' In Côte d'Ivoire, 46 percent of the population lives below the poverty line, and according to Better Cotton, the country has some of the lowest health metrics in West Africa. This new program aims to not only increase access, but also make care more affordable. To roll out the initiative, Better Cotton is teaming with SECO—a subsidiary of cotton supplier Olam Agri—and global health enterprise Elucid. The project will make Elucid's digital healthcare platform available to farming regions in Côte d'Ivoire, connecting farm workers with local accredited healthcare providers. The platform also will allow for secure payments and enable user feedback. 'With this project, we are bringing our healthcare model to cotton farmers by strengthening the capacity of agricultural producer organizations,' said Samuel Knauss, managing director and co-founder of Euclid. 'This will ensure that farmers can access essential and emergency care without financial hardship. Building on our success in the cocoa and coffee sectors, we aim to show that investing in healthcare not only improves farmer well-being but also strengthens cotton supply chains and creates lasting impact for communities.' Olam Agri, which is a major cotton supplier for the United States, uses its SECO subsidiary to provide training to Côte d'Ivoire farmers in farming methods that help them maximize yields and diversify their incomes. 'At SECO, we are committed to improving the well-being of cotton farmers by pioneering a tailored health insurance model for the sector,' said Jean-François Touré, vice president and managing director, SECO. 'This initiative is a crucial step in ensuring they have access to essential healthcare. This project shall serve as a reference for the industry, particularly as Côte d'Ivoire advances the implementation of its Universal Health Coverage program. Through this partnership with Better Cotton and Elucid, we aim to create a lasting, scalable impact for farming communities.' Over the next two years, Better Cotton and its partners will work with agricultural producer organizations in Côte d'Ivoire to promote local ownership of the platform while streamlining the implementation within communities. The organization said it will track usage and make adjustments to best meet the needs of farm workers.
