The company stressed that it is still discussing the potential sale.

Olam Group announced that it received a non-binding indicative offer (NBIO) from the Saudi Agricultural and Livestock Investment Company (SALIC) for its stake in its Olam Agri business.

In a bourse announcement, Olam Group stated that it is currently reviewing and discussing a potential sale of its stake in the Olam Agri business. However, it emphasised that no definitive terms or formal agreements have been reached yet, and there is no certainty that the sale will proceed.

"Whilst the Company focuses on completing the discussions for the aforementioned potential sale, the company will also continue to monitor the various conditions guiding its decision in relation to the IPO and concurrent demerger for Olam Agri," the group said.

The announcement came after an article published by Bloomberg on 31 October 2024 entitled "Saudi Arabia Nears Deal to Take Over $4 Billion Olam Unit" came out.