Singapore-based commodity trader Olam Group said its wholly owned subsidiary, Olam Holdings Pte. Ltd., has completed the sale of a 35.43% minority stake to the Saudi Agricultural and Livestock Investment Co (SALIC). 

The transaction, which was previously announced in March this year, values Olam Agri at an equity valuation of $3.5 billion, Olam Group said in a statement on Friday. 

Olam Group will continue to hold a majority stake of 64.57% in Olam Agri. Additionally, Olam 

Agri and SALIC have entered into an agreement that looks to push Olam Agri’s access into the Middle East markets. 

SALIC is a wholly-owned subsidiary of Saudi Arabia's sovereign wealth fund, PIF. 

(Reporting by Brinda Darasha; editing by Cleofe Maceda) 

(brinda.darasha@lseg.com)