Singaporean company Olam expects list of food ingredient companies by first half of 2022
SINGAPORE, Feb.26 (Reuters) – Commodities trader Olam International, which splits its diversified product portfolio into two new operating businesses, on Friday announced plans to list its food ingredients segment by the first half of the year. next year.
The exclusion and separation of Olam Food Ingredients (OFI), which includes its cocoa, coffee and edible nuts businesses, and Olam Global Agri (OGA), which includes grains and animal feed, edible oils, rice and cotton, is estimated to be completed by the end of 2021.
Olam, of which Singaporean state investor Temasek is the largest shareholder, announced the plan in January last year.
The company is pursuing similar strategic options for OGA, he said.
Olam also reported that profit after tax and minority interest (PATMI) for the year 2020 fell 22.3% to S $ 245.7 million due to an impairment charge. Operational PATMI, which excludes one-time items, increased 36% to S $ 677.8 million ($ 511.2 million).
“We are seeing market conditions and sentiment start to improve as economies recover from the worst impacts of COVID-19 in 2020 and we expect this favorable market environment to continue to improve in 2021. “said CEO Sunny Verghese. ($ 1 = S $ 1.3260) (Reporting by Aradhana Aravindan in Singapore; editing by Richard Pullin)