Shares Suspended as Part of Restructuring, with New Security Name Set to Begin Trading on SGX-ST
[SINGAPORE] Olam International’s shares will cease trading on March 9, 2022, as the company prepares to rebrand as Olam Group. The group’s shares will begin trading under the new name on the Singapore Exchange (SGX-ST) on March 16, following a week-long suspension.
The last recorded price for Olam International shares was S$1.76, reflecting a decrease of 1.1% or S$0.02. From 9 am on March 10, trading in Olam International shares will be halted. The company’s transfer books and register of members will close on March 11 at 5 pm, to determine shareholder entitlements under the company’s restructuring plan, which was approved by the court on March 3.
As part of its restructuring efforts, Olam International will undergo a major transformation, spinning off its Olam Food Ingredients (OFI) and Olam Global Agri (OGA) units. Following the completion of the restructuring, Olam International shares will be converted into shares of the newly reorganised Olam Group, which is set to start trading on SGX-ST on March 16. Olam International will be delisted on the same day.
Restructuring and Focus on Startups
Olam’s restructuring plans aim to simplify its structure and create new avenues for growth. The OFI unit, which covers cocoa, coffee, edible nuts, spices, and dairy businesses, will list on the London Stock Exchange’s premium segment and concurrently on the Singapore Exchange in the first half of FY2022. Shareholders of Olam Group will receive OFI shares following the IPO and demerger.
Once the spin-offs are complete, Olam Group will focus on investing in digital technology and sustainability startups. It will retain ownership of OGA, which encompasses businesses in grains, animal feed, edible oils, rice, cotton, and commodity financial services. The group is also exploring the possibility of selling a minority stake in OGA through strategic partners.
Olam co-founder Sunny Verghese confirmed that OGA would be targeted for an IPO six months after OFI goes public, further reshaping the group’s portfolio for long-term value creation.
