According to a statement by Olam, the company has not yet obtained all the required regulatory approvals for the simultaneous dual listing of Olam Agri in Saudi Arabia and Singapore. It intends to pursue the initial public offering (IPO) of Olam Agri during the next available opportunity.

Initially, Olam Agri's listing was anticipated to be finalized as early as the first half of 2023, with Olam aiming to raise approximately $600 million to $700 million in primary proceeds, along with $300 million to $400 million in secondary proceeds.

The listing of another unit, known as ofi, which focuses on food ingredients, was planned to follow the listing of Olam Agri. Olam had been working towards a primary listing of ofi in London by the second quarter of 2022, but the plan had to be delayed due to the conflict in Ukraine.

Olam Agri, responsible for the sale of grains and seeds and the production of various products ranging from edible oils to pasta, is a significant unit within Olam Group that was established during a restructuring in early 2020. The proposed listing in Riyadh would provide Olam Agri an opportunity to benefit from the IPO boom in the Middle East, as well as tap into the region's expanding market for commodities and supplies, given Saudi Arabia's increased focus on food security.

Following this news, shares of Olam Group experienced a decline of up to 6.9% in Singapore trading.