Latest news with #SALIC
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)
Zawya
3 days ago
- Business
- Zawya
Saudi SALIC eyes investment opportunities in Russia
Saudi Arabia's agricultural and livestock investment firm SALIC is studying investment opportunities in Russia but sees more value in helping to market Russian wheat globally, the company's CEO Sulaiman Al-Rumaih said on Friday. "We are in serious discussions about certain prospects. For us it is the question of time," Al-Rumaih told a grain conference in the city of Sochi in southern Russia. Al-Rumaih stressed that Russian supplies account for about 50% of Saudi Arabia's total wheat imports, which showed that Russian firms were very competitive and could, with help from SALIC, boost exports to more Middle Eastern and African markets. "I think we will be more beneficial (for Russia) as conduits of Russian grain to the global market," he said. (Reporting by Olga Popova, writing by Gleb Bryanski; editing by David Evans)
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Saudi SALIC Eyes Investment Opportunities in Russia
Saudi Arabia's agricultural and livestock investment firm SALIC is studying investment opportunities in Russia but sees more value in helping to market Russian wheat globally, the company's CEO Sulaiman Al-Rumaih said on Friday. "We are in serious discussions about certain prospects. For us it is the question of time," Al-Rumaih told a grain conference in the city of Sochi in southern Russia, Reuters reported. Al-Rumaih stressed that Russian supplies account for about 50% of Saudi Arabia's total wheat imports, which showed that Russian firms were very competitive and could, with help from SALIC, boost exports to more Middle Eastern and African markets. "I think we will be more beneficial (for Russia) as conduits of Russian grain to the global market," he said.
Reuters
3 days ago
- Business
- Reuters
Saudi SALIC eyes investment opportunities in Russia
MOSCOW, May 30 (Reuters) - Saudi Arabia's agricultural and livestock investment firm SALIC is studying investment opportunities in Russia but sees more value in helping to market Russian wheat globally, the company's CEO Sulaiman Al-Rumaih said on Friday. "We are in serious discussions about certain prospects. For us it is the question of time," Al-Rumaih told a grain conference in the city of Sochi in southern Russia. Al-Rumaih stressed that Russian supplies account for about 50% of Saudi Arabia's total wheat imports, which showed that Russian firms were very competitive and could, with help from SALIC, boost exports to more Middle Eastern and African markets. "I think we will be more beneficial (for Russia) as conduits of Russian grain to the global market," he said.
Asharq Al-Awsat
25-02-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's SALIC to Buy Control of Olam Agri for $1.8 Billion
SALIC, a subsidiary of the Saudi Public Investment Fund (PIF), announced on Monday that it signed an agreement to increase its stake in Singapore's Olam Agri Holdings (Olam Agri) from 35.43% to 80.01%, for a total value of $1.78 billion. The transaction is subject to regulatory approval, the company said in a statement. The agreement includes an option for SALIC to acquire the remaining 19.99% stake within three years from the completion date of the latest stake buyout, giving it the opportunity for full acquisition. The full acquisition agreement of Olam Agri aligns with SALIC's strategic objectives of diversifying sources of essential commodities, strengthening supply chain integration, and enhancing logistical efficiency across its local and international investments, reported the Saudi Press Agency (SPA). Furthermore, this acquisition underscores SALIC's ambition to secure a key position in the global grains sector. According to Bloomberg, the deal values Olam Agri at $4 billion, 23% higher than the current market capitalization of the group, the Singaporean company said. On completion of the 44.6% stake sale, likely in the fourth quarter of this year, Olam Group will realize an estimated gain on disposal of $1.84 billion, it said. In early 2022, Olam Group agreed to sell around a third to SALIC, in a transaction that priced it at around $3.5 billion. 'The full acquisition agreement of Olam Agri aligns with SALIC's strategic objectives of diversifying sources of essential commodities ... to secure a key position in the global grains sector,' SALIC Group CEO Sulaiman Al-Rumaih said in a statement. He added: 'Olam Agri, a global player in trading essential commodities, aligns with SALIC's strategic investment approach, which prioritizes high-potential companies addressing future food security needs through innovation and integrated supply chains both locally and globally.' 'We are confident that this partnership will contribute to achieving national and global objectives while continually enhancing production efficiency for the benefit of all stakeholders,' Al-Rumaih said. OGL's Co-Founder and Group CEO Sunny Verghese said: 'Since SALIC's investment in Olam Agri in 2022, our partnership with SALIC has unveiled new avenues of growth.' He said with its strategic mandate as a global agrifoods investor and related complementary strengths, SALIC and Olam Agri share the same vision and focus on sustainable sourcing and commitment to meet the rising demand for food, feed and fiber. 'Importantly, this transaction is transformative for Olam Agri,' Verghese added. SALIC has a track record of investing across the global agri-food supply chain to improve access to essential foods, with current investments spanning five continents, seven countries, and 16 food commodities.
