Press Release

• Separation and carve-out of OFI and OGA by end-2021
• Planned listing of OFI by H1 2022
• Concurrent demerger of OFI from Olam via distribution in specie to Olam shareholders
• Continue exploring similar strategic options for OGA in line with Re-Organisation Plan

Singapore

As announced on January 20, 2020, Olam International Limited (“Olam” or the “Company”, and together with its subsidiaries, the “Olam Group”) is undertaking a re-organisation of its business to create two new coherent operating groups, Olam Food Ingredients (“OFI”) and Olam Global Agri (“OGA”), that are well-positioned for further growth in line with key customer trends and market opportunities with the aim of unlocking long-term shareholder value (the “Re-org Announcement”).   

The Re-org Announcement stated that the Company would explore options to maximise Olam’s long-term shareholder value via potential carve-out and capital raising options, including potential initial public offerings (“IPO”) of OFI and OGA on a sequential basis. The Company has made good progress toward the carve-out and separation of OFI and OGA with a dedicated Programme Office and workstreams established and legal advisers appointed. The carve-out and separation of OFI and OGA is estimated to be completed by the end of 2021. 

Following a comprehensive strategic review, the Company, together with its joint financial advisers and legal advisers, are planning to list OFI by H1 2022.  

As part of the re-organisation, the Olam Group is also evaluating a scheme of arrangement which would see Olam’s listing status on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST”) move to a new holding company. It is intended that OFI will be demerged from the Olam Group by way of a distribution in specie of shares in OFI to Olam shareholders at the point of demerger, in conjunction with the IPO. 

In parallel, the Company continues to explore similar strategic options for maximising the value of OGA within the Olam Group. 

Shareholders should note that any such corporate action, including scheme, listing and demerger, along with the timing, terms and other details, are subject to, among others, all requisite approvals and clearances from the regulatory authorities, relevant approvals of shareholders of the Company, the approval of the Singapore courts, and prevailing market conditions.