Our Re-organisation

Since 2020 we have re-organised our diverse business portfolio into three distinct operating groups – ofi (Olam Food Ingredients), Olam Agri and Olam Global Holdco (OGH). With the sale of a majority stake in Olam Agri completed in April 2026 and planned divestments of the businesses and assets in OGH, we are now focused on building a sharper Group with our core business in food and beverage ingredients and solutions.

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.

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.

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 sale of 35.43% stake in Olam Agri in 2022 at an implied 100% equity valuation of US$3.5 billion. The sale of Tranche 1 resulted in the recognition of a one-off gain on disposal of S$1.34 billion.

Olam Group’s remaining interest in Olam Agri (Tranche 2) is subject to put and call arrangements – a put option to sell its remaining stake to SALIC on the third anniversary of the completion of Tranche 1, while SALIC retains a corresponding call option over the same stake exercisable on or before that date. The strike price for the put and call option is the total of US$799.6 million and equity ticker of US$65.3 million, ie US$864.9 million, plus IRR of 6% on US$864.9 million till the date of the Tranche 2 completion.

On June 30, 2026, Olam Agri acquired Continental Farmers Group, an indirect wholly-owned subsidiary of SALIC with consideration satisfied through the issuance of new Olam Agri shares. SALIC's ownership increased from 80.01% to 81.81%, while Olam Group’s interest was diluted to 18.19%. Irrespective of this transaction and any future dilution of our stake in Olam Agri, the strike price under the put and call option remains unchanged.

The divestment of Olam Agri is a key and important step forward in our Re-organisation. Proceeds from the sale of Tranche 1 and 2 stake in Olam Agri would be allocated to de-lever OGH’s balance sheet and support the various strategic growth initiatives to unlock the full potential in ofi.

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.

OGH

The Group will responsibly divest and monetise all of OGH’s businesses and assets over time. Individual assets would be progressively divested to natural, long-term investors to maximise value with net proceeds allocated for de-leveraging and distributions 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 ceased to operate. In May 2026, we completed the sale of Mindsprint, to Wipro for US$386 million (before employee option buyout consideration and transaction expenses). Mindsprint continues to support the technology and shared services requirements of the Group under an eight-year strategic agreement with Wipro. The key remaining assets are integrated palm and rubber businesses Olam Palm Gabon and Olam Rubber Gabon, consumer packaged foods business Caraway, and dairy and grains farming business Rusmolco.