SINGAPORE –  Leading global food and agri-business company,  Olam International Limited has secured a US$1.45 billion facility to help fund activities carried out over its AtSource sustainability insights platform.

According to Olam, AtSource is  a “sustainability insights platform” which gives customers a view of their supply chain sustainability parameters.

The agribusiness company further notes that the platform also provides insights into how the its customers can effect positive change within the ecosystem and create value for all.

 Roel Van Poppel, CEO of AtSource, explains that the sustainability platfrom was created in response to growing consumer demand for transparency, traceability and provenance of their goods.

“As the data provides demonstrably clear social and environmental impact, AtSource allows both Olam and its customers to drive meaningful change for farmers, communities and ecosystems,” he says.

“This, in turn, allows us collectively to deepen trust and confidence with consumers to create greater business value,” Poppel claims.

Olam’s wholly-owned subsidiary, Olam Treasury, is a co-borrower in the facility which is jointly provided by 18 banks, including Barclays Bank; Citibank; Credit Agricole Corporate & Investment Bank; and DBS Bank.

The facility consists of a US$950 million multi-year revolving credit facility and a US$500 million three-year term loan facility.

DBS, SCB and HSBC are the joint AtSource program co-ordinators for the facility, according to a regulatory filing by Olam.

In January, Olam said it will reorganise its businesses into two operating groups with a view to spinning them off, then listing them separately two to three years from now.

Olam Food Ingredients consists of the cocoa, coffee, edible nuts, spices and dairy business units, and will offer food products catering to the growing demand for healthier food that is traceable and sustainable.

It will be headed by chief executive A. Shekhar, who will step down from his current role as group chief operating officer of Olam with immediate effect.

The other group, Olam Global Agri, will supply food, feed and fibre with a focus on high-growth emerging markets in Asia and Africa.

It consists of Olam’s grains and animal feed, edible oils, rice, cotton, and commodity financial services business units and will be led by CEO Sunny Verghese, who will also double as Group CEO.

The business reorganization was followed by a release of the company’s full year results for 2020 where it reported a strong operating performance across its new structure, which includes its cocoa business in Olam Food Ingredients (OFI).

The company said revenue was up 3.3% to US$9.1 billion mainly driven by volume growth as well as higher average selling prices in the Value-added Food Ingredients & Solutions segment.

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