Tuesday 31 January 2023

Olam announces 100% interest in newly incorporated subsidiaries

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SINGAPORE – Olam International Limited has announced 100% interest in newly incorporated subsidiaries namely Olam Coffee Holdings Pte. Ltd. And Olam China Limited.

Singapore’s Olam Coffee Holdings Pte. Ltd. has an issued share capital of S$1, whilst Olam China Limited has a registered capital of $15m.

Acquisition of an Associate Company

Olam has acquired 546,000 Ordinary Shares in Long Son Joint Stock Company (“Long Son”), a company established under the laws of Vietnam, and a Cashew processor, for a total consideration of USD 20 million. Following the acquisition, Long Son became a 30% associated company of Olam.

Disposal of Associate Company

The Company has entered into a Stock Purchase Agreement with Confitera Co., Ltd. (“Confitera”), which the Company holds approximately 20% interest, for the repurchase by Confitera of the Company’s 387 shares held in the capital of Confitera for an aggregate consideration of JPY 83 million. Following the sale of shares, Confitera ceased to be an associated company of Olam.

Members’ Voluntary Liquidation of Subsidiaries

Olam Food Ingredients Holdings UK Limited (“OFIH”) and OS Foods Africa Limited (“OS Foods”), subsidiaries of the Company have been liquidated by way of members’ voluntary liquidation.

None of the above incorporation, acquisition, disposal and liquidation of companies has any material impact on the earnings per share and the net tangible assets per share of the Company for the financial year ended 31 December 2017.

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