Olam Group has shut down its digital farmer services platform Jiva Ag, affecting over 600 employees in Singapore, Indonesia, India and Australia, according to a release dated Aug 28.
The closing down of the platform is part of its Updated 2025 Re-organisation Plan in which the group’s focus is to conserve cash and deleverage the remaining Olam Group.
Olam says that it is supporting impacted employees — of which eight are from Singapore — with redeployment opportunities within the group itself, or severance packages aligned with local regulators and practices.
Olam Group reported a loss of $13.2 million in the 1HFY2025 ended June 30 related to the impairment of intangible assets within its incubating business segment which is primarily associated with Jiva Ag.
Following the closure of the platform, the group expects to book and announce one-off costs of US$9 million in 2HFY2025 ended Dec 31.
Shares in Olam Group closed flat at $1.02 on Aug 28.
