Our Re-organisation

Since 2020 we have re-organised our diverse portfolio into three distinct operating groups – ofi (Olam Food Ingredients), Olam Agri and Remaining Olam Group (now known as OGH).

Core building blocks of our Re-organisation

1. Create sharper focus by simplifying the portfolio: Separation of Olam Group into three distinct operating entities – ofi (Olam Food Ingredients), Olam Agri and OGH.

2. Attract the right, natural, long-term owners for each operating entity, who are fully aligned with the long-term strategy of these businesses.

3. Illuminate standalone intrinsic value of ofi and Olam Agri via private and public capital raising options and through concurrent demerger of these businesses as independent standalone companies.

4. Improve research coverage and increase the liquidity of shares to facilitate better price discovery.

5. Remove conglomerate and holdco discount with steps 1, 2, 3 and 4.

6. Enable OGH to be debt-free and self-sustaining. Responsibly divest and monetise the value of assets and businesses of OGH 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, 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, before closing adjustments). The second, net sale proceeds from divestments of assets and businesses in OGH.

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.

On April 27, 2026, Olam Group completed the sale of its 44.58% stake in Olam Agri to Saudi Agricultural and Livestock Investment Company (SALIC) for US$1.88 billion based on an implied 100% equity valuation of US$4.0 billion plus closing adjustments (Tranche 1). This followed an initial investment of US$1.3 billion for a 35.43% stake in Olam Agri in 2022 catalysing access to new markets. Olam Agri is now a majority 80.01% owned by SALIC and a 19.99% owned associated company of Olam Group.

Olam Group retains a put option to sell its remaining 19.99% stake in Olam Agri to SALIC (Tranche 2) on the third anniversary of the completion of Tranche 1 at the base consideration of approximately US$799.6 million and additional option consideration plus a 6% IRR, providing certainty of Tranche 2 completion. SALIC also retains a call option to acquire the remaining 19.99% stake on or before the third anniversary at the same consideration. In total, the complete divestment of a 100% interest in Olam Agri would raise proceeds of US$3.87 billion (before closing adjustments), accreting an estimated 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 in our Re-organisation Plan and 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 70% Adjusted EBIT share in 2025 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.

OGH

The Group will responsibly divest and monetise all of the Remaining Olam Group’s 10 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$2.8 billion as of end-2025).

In 2025, we announced the sale of 32.4% remaining stake in ARISE Ports & Logistics for US$175 million and closed Jiva, a startup under Nupo Ventures. In March 2026, we completed the sale of Terrascope to XceleratedFifty and Nupo Ventures will cease to operate. In April 2026, we announced the sale of Mindsprint, which offers digital solutions to empower the needs of our businesses and third parties, to Wipro for US$375 million (before closing adjustments). The remaining assets are held by Olam Global Holdco (OGH) – Olam Palm Gabon, Olam Rubber Gabon, Caraway (Packaged Foods), Rusmolco, Mantra and Gabon Fertiliser Project. (The Remaining Olam Group will now be known as OGH.)