Big Four Singapore law firm WongPartnership has advised food and agribusiness company Olam Group on the sale of a controlling 44.58 percent stake to Saudi Arabia’s Saudi Agricultural and Livestock Investment Company (SALIC) for $1.78 billion.
In 2022, Olam sold a 35 percent stake to SALIC, and thus the most recent deal gives SALIC an 80 percent controlling stake in the business. Reuters reported that Olam Group will divest its remaining 19.99 percent stake in the unit three years after the completion of the first phase, giving SALIC full control of Olam Agri.
Saudi Arabia's sovereign wealth fund, the $925 billion Public Investment Fund (PIF), owns SALIC, Reuters added.
The WongPartnership team was led by partners Ng Wai King, Chan Sing Yee, Annabelle Yip, Jayne Lee and Chiang Yuan Bo, together with partners Lam Chung Nian, James Choo, Chan Jia Hui and Clarissa Koh.
