Singapore’s Olam to form two businesses as part of revamp, may list them

Photo: Reuters

Commodity trader Olam International said on Monday it will create two separate businesses focused on food ingredients and agricultural supply and may look to list them as part of its multi-year revamp.

The decision comes a year after the Singapore-based firm exited four businesses and said it was investing $3.5 billion in key growth areas, such as edible nuts, coffee and cocoa.

“We believe this will enable us to explore potential carve-outs and IPOs in a sequential manner and attract additional investors who are aligned with the vision of these two new groups …” Chief Executive Officer Sunny Verghese said in a statement.

Olam, which counts Singapore state investor Temasek Holdings as its top shareholder, will form Olam Food Ingredients and Olam Global Agri as part of the re-organisation.

Verghese will take on the chief executive role of Olam Global Agri on top of his position as group CEO.

The trader has been increasing its focus on products in which large trading companies do not have a sizable presence as part of its strategic plan to 2024.

Japanese trading house Mitsubishi Corp is Olam’s second-largest shareholder.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.