Olam International, one of Asia’s largest agricultural commodities merchants and suppliers, has chosen London as the key location for its food ingredients unit’s initial public offering.
The company, which is one of the world’s largest exporters of cocoa beans and goods, green coffee, and spices, is also preparing a secondary listing in Singapore, according to a filing on Friday. According to the document, Olam also established a deadline for selling shares of another unit in an IPO in the first half of 2023.
The latest adjustments come after a major reorganisation of operations announced last year, which split the Singapore-based company’s product line into two categories.
The Olam Food Ingredients unit, for example, comprises of chocolate, coffee, edible nuts, spices, and dairy, and provides items to meet the growing need for healthier foods. The other is Olam Global Agri, which focuses on Asia and Africa and provides food, feed, and fibre. Grain, animal feed, edible oils, rice, cotton, and commodity finance services are all part of it.
On Friday, Olam released its first-half earnings, indicating a 27 percent increase in nett profit to 421.5 million Singapore dollars (€263.6 million) over the previous year. Temasek Holdings Pte, a Singaporean state investor, owns around 46% of the corporation, while Mitsubishi, a Japanese trading institution, owns 15%. — According to Bloomberg.