Olam Group's Singapore-Saudi dual IPO plan for agricultural unit delayed again

An Olam signage is pictured in their office in Singapore August 14, 2017. REUTERS/Edgar Su/File Photo

OLAM Group said on Wednesday the initial share sale in its agricultural unit would not happen by the first half of 2024, while reporting a 41% drop in annual underlying profit due to high interest rates and lower contribution from Olam Agri.

Olam, one of the world's biggest agricultural commodity traders, said last August that its agricultural unit Olam Agri continues to target dual-listing in Singapore and Saudi Arabia by the first half of 2024.