On April 14, the group said it intends to allocate some US$2 billion ($2.63 billion) to de-lever its balance sheet and make the group’s capital structure debt-free and self-sustaining.
Olam also intends to invest US$500 million of equity into ofi and continue to support various strategic initiatives to unlock ofi’s full potential value. This could include a concurrent listing in Europe and in Singapore “at an appropriate time”.
In addition, the group says it seeks to “responsibly” divest and monetise its remaining assets and businesses over time and distribute the net proceeds to its shareholders via special dividends.
Olam first announced the re-organisation of its business portfolio into three groups – ofi, Olam Agri and the remaining group – in January 2020.
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As at 9.04am, shares in Olam are trading 1 cent higher or 1.176% up at 86 cents.
