Singapore-based Olam Group OLAG.SI said on Friday that Saudi Agricultural and Livestock Investment (SALIC) had made an offer to buy its remaining stake in Olam Agri IPO-OLAA.SI.

The offer comes almost two years after the group completed the sale of a 35.43% stake in Olam Agri to SALIC for $1.24 billion in December 2022. The transaction had given Olam Agri an equity valuation of $3.5 billion.

Olam Group currently holds a stake of 64.57% in Olam Agri.

One of the world's biggest agricultural commodity traders, Olam Group said it was currently exploring a potential sale of its stake in the agriculture business, Olam Agri.

The group said no definitive terms or formal legal documentation had been agreed upon yet.

In August 2023, the group said Olam Agri aimed for a dual listing in Singapore and Saudi Arabia by the first half of 2024. However, the process has been delayed due to regulatory bottlenecks.

The company said it would continue to monitor various conditions guiding its decision concerning the IPO and concurrent demerger for Olam Agri.

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Subhranshu Sahu)