Our Re-organisation

Since 2020, we have organised our diverse business portfolio to create three operating groups, ofi (Olam Food Ingredients), Olam Agri and the Remaining Olam Group.

ofi and Olam Agri are right at the centre of key global food and consumer trends. For ofi, this includes the growing demand for more plant-based, on-trend, natural, healthy and sustainably sourced food ingredients. For Olam Agri, it’s the rising demand for food, feed and fibre from a growing population, the transition of dietary habits from cereals to more protein-based diets and growing concern for food security.

The Remaining Olam Group comprises Olam Global Holdco, Mindsprint and Nupo Ventures. Olam Global Holdco holds these businesses and assets – Olam Palm Gabon, Olam Rubber Gabon, Caraway (Packaged Foods), ARISE Ports & Logistics, Rusmolco, Mantra and Gabon Fertiliser Project. Mindsprint offers digital solutions to empower the needs of our businesses and third parties by providing IT, digital and shared services while Nupo Ventures incubates new sustainability and digital platforms for growth (Jiva, Terrascope).

Core elements of our Re-organisation

1. Clear separation of Olam Group into three distinct operating entities – ofi (Olam Food Ingredients), Olam Agri and Remaining Olam Group.

2. Attract natural, long-term owners for each operating entity and business, who are fully aligned with the long-term strategy of these businesses, via private and public capital raising options.

3. Illuminate standalone intrinsic value of ofi and Olam Agri.

4. Remove conglomerate and holdco discount with steps 2 and 3.

5. Enable Remaining Olam Group to be debt-free and self-sustaining.

6. Responsibly divest and monetise the value of assets and businesses of the Remaining Olam Group and progressively return the proceeds to shareholders via special dividends.

We aim to achieve three objectives in the Updated 2025 Re-organisation Plan

De-lever

De-lever Remaining Olam Group’s balance sheet and make it debt-free and self-sustaining. Allocate ~US$2 billion to achieve this objective.

Invest

Invest US$500 million of equity into ofi. Continue to support various strategic initiatives to unlock full potential of ofi, for example, explore a concurrent listing in Europe and Singapore at an appropriate time.

Monetise

Responsibly divest and monetise all of the Remaining Olam Group’s assets and businesses over time. Progressively distribute net proceeds to shareholders via special dividends.

Two main sources of funds to achieve the three objectives

There will be two main sources of funds to achieve the three objectives. The first, a gross cash proceeds estimated at US$2.58 billion from the sale of the 64.57% stake in Olam Agri (taking into account proceeds from Tranche 2 call/put option). The second, net sale proceeds from divestments of assets and businesses in the Remaining Olam Group.

The Updated 2025 Re-organisation Plan provides greater clarity on the steps to be taken to strengthen the Group's balance sheet, ensure resilience of its operating groups and unlock value for Olam Group shareholders.

Olam Agri

Olam Agri is a differentiated global food, feed, and fibre agribusiness, focused on high growth end consumption markets. In 2022, the Saudi Agricultural and Livestock Investment Company (SALIC), a wholly owned subsidiary of Public Investment Fund of the Kingdom of Saudi Arabia, invested US$1.3 billion for a 35.43% stake in Olam Agri, at an implied 100% equity valuation of US$3.5 billion, creating a strong shareholder base and catalysing access to new markets for Olam Agri.

On February 24, 2025, Olam Group announced the proposed sale of its 44.58% stake in Olam Agri to SALIC for approximately US$1.78 billion, at an implied 100% equity valuation for Olam Agri of US$4.0 billion, after which at the end of three years, it would sell its remaining 19.99% stake in Olam Agri to SALIC at the same equity base valuation plus closing adjustments and a 6% IRR. In total, the complete divestment of a 100% interest in Olam Agri would raise gross proceeds of US$3.87 billion, accreting a gain of US$2.72 billion to the equity reserves of the Group. The divestment of Olam Agri is a key and important step forward: Proceeds from the sale of 64.57% stake in Olam Agri are a critical enabler for the Updated 2025 Re-organisation Plan.

ofi

ofi is a global leader in ingredients at the forefront of food and beverage consumer trends offering sustainable, natural and plant-based ingredients and solutions and serving large, attractive and high growth end-use categories of ~US$743 billion, which are growing at ~5% CAGR.

ofi is pivoting towards a more solutions-led and customer centric organisation, and growing its value-added ingredients and solutions business. It is partnering with customers to co-create solutions that anticipate and meet changing consumer preferences. Product platforms include cocoa; coffee; dairy; nuts; and spices, and a new commercial platform ofi F&B Solutions was launched in 2024. There has been a significant shift in earnings contribution towards the higher value Ingredients & Solutions segment with 71% Adjusted EBIT share in 2024 compared with 55% Adjusted EBIT share in 2020. Similar to unlocking value in Olam Agri, there is potential value discovery in ofi by exploring strategic capital raising options through private and public routes, including the pursuit of a potential IPO and demerger.

Remaining Olam Group

The Group will responsibly divest and monetise all of the Remaining Olam Group’s businesses and assets over time. Individual assets can be progressively divested to natural, long-term investors to maximise value and net proceeds to be directly distributed to shareholders through special dividends (invested capital of S$2.7 billion as of end-2024).