Reported about 7 hours ago
Olam Group Ltd., a Singaporean food trader, has finalized a deal to sell a 44.6% stake in its agri-business unit, Olam Agri, to the Saudi Agricultural & Livestock Investment Co. (Salic) for $1.78 billion, valuing the unit at $4 billion. The transaction reflects Saudi Arabia's push to diversify its economy beyond oil and aims to strengthen food security. Olam Group expects to realize a gain of approximately $1.84 billion from this sale and will use the proceeds to focus on its other business operations.
Source: YAHOO