Olam seeks to raise US$188m from Singapore’s debt market even as it extends its food prize application deadline

SINGAPORE – Global food and agri-business company, Olam International Limited has announced that it has priced a benchmark S$250 million (about US$188.7 million) of subordinated perpetual securities under its US$5 billion Euro Medium Term Note Programme. This is the first time in three years that the global agribusiness company is issuing subordinated perpetual securities. The last issuance of a similar kind was made in 2017. Olam says the issue was well subscribed, leading to a final distribution rate of 5.375%, which was tightened from an initial pricing guidance of 5.50%.…

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Olam beefs up spices portfolio with acquisition of leading US chile pepper business

USA – Olam Food Ingredients (OFI), is seeking to expand its spices portfolio to meet the rising demand for bold, authentic flavours with the acquisition of US-based chile pepper business (CPB) of major maker of condiments and sauces, Mizkan America Inc. for US$108.5 million. According to the company the total consideration includes an estimated net working capital of US$55.0 million, subject to net working capital adjustment at closing. The transaction awaits US antitrust regulatory approval and customary closing conditions which are expected to complete in January 2021. The deal, which…

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Crown Flour Mills establishes vitamin premix facility, eyes 90% food fortification compliance

NIGERIA – Crown Flour Mills, Nigerian subsidiary of multinational food and agribusiness company Olam International has established a state-of-the-art vitamin premix facility to steer its food fortification efforts. A first of its kind by any flour miller in the West African country, the complex was established with technical support from the international non-profit organization Technoserve, under its Strengthening African Processors of Fortified Foods programme. According to Crown Flour Mills the facility will enable it to attain the 90% food fortification compliance target, aimed to provide Nigerians with wide access to…

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Olam uses pulp and skin of coffee cherry fruit to create novel superfruit products

UK – Olam Coffee- a subsidiary of global food and agri-business company, Olam International – has developed a range of novel superfruit products from the pulp and skin of coffee cherry fruit. The pulp and skin of the coffee cherry fruit is popularly known as Cascara and has been used for many years by coffee farmers to make tea infusions. Cascara is typically regarded as an unusable by-product by the coffee industry and composted for use as crop fertiliser, or discarded altogether. But Olam Coffee has found that the leftover…

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Olam introduces Ghana’s first fortified rice brand dubbed Royal Aroma Fortified Rice

Company name: Olam Ghana Product type: Fortified rice Innovation: New product The Ghanaian subsidiary of global food and agri-business company, Olam International, has launched the country’s first fortified rice, aimed to meet the nutrient requirements for health living by every consumer. The new rice is part of Olam Ghana’s leading national long-grain rice brand, Royal Aroma and is fortified with micronutrients including iron, zinc, and B-complex vitamins, providing more than 15% of the minimum RDA (recommended dietary allowance) per serving. The introduction of Royal Aroma Fortified Rice is geared towards addressing micronutrient deficiencies…

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Olam introduces its premium Mama Gold rice brand in Ghana

GHANA – The Ghanaian subsidiary of Olam International has launched the first ‘Made in Ghana’ rice know as Mama Gold. According to reports by Ghana Web, the locally grown and sourced rice brand is aimed to bring more choices to consumers at an affordable price. Olam Ghana is leveraging its established operational infrastructure and wide sourcing network to collaborate with rice growers in the Volta, Ashanti, and Eastern Regions to produce and stock the product. “We are proud to be the first company to source from local suppliers and launch…

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Olam expands use of its food distribution mobile app in West Africa

WEST AFRICA – Global food and agri-business company, Olam International is planning to introduce its Olam Markets, a B2B food distribution mobile application to other West Africa countries i.e. Nigeria and Cameroon. According to the company, Olam Markets was first developed in Ghana to connect distributors of its food products with retailers, fostering an efficient, effective and convenient way of undertaking business. It was launched on June 24, 2019 after multiple rounds of testing in Accra and other towns, as well as the involvement of a team of young Ghanaians…

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Olam International rallies support to aid small-holder farmers impacted by COVID-19

GLOBAL – Olam International has indicated the need for redoubled public and private collaboration to build resilience of small-holder farmers in emerging markets impacted by the COVID-19 pandemic. The initiatives are aimed to encourage crop and income diversification, access to finance, promotion of health and human rights, and preservation of the environment. The global food and agri-business company undertook a survey in July of 2,400 smallholder farmers growing cocoa, coffee, sesame, cotton, and other crops in Africa and Indonesia. The survey revealed that more than half of the farmers were…

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Olam secures US$200m financing from EBRD partly to offset due loans

SINGAPORE – The European Bank for Reconstruction and Development (EBRD) Technical Cooperation Fund – TaiwanBusiness and the European Union are planning to provide donor support to Olam International Limited, for the development of new methodologies and processes for climate-related risk management and stress testing in Turkey and Egypt. According to the company, this work will be valuable in helping it to implement the recommendations of the Taskforce for Climate-related Financial Disclosure (TCFD) which can then be shared across the agrisector in both countries. Natalya Zhukova, EBRD Director Agribusiness said, “Our…

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Olam completes re-financing US$375m credit facility from European lenders

SINGAPORE – Olam Holdings B.V. (“OHBV”), wholly owned subsidiary of global food and agri-business company, Olam International (“Olam’’), has completed the re-financing of its revolving credit facility aggregating US$375 million, from several European lenders. The Facility has a 364-day tenor and is guaranteed by Olam International Limited. The lenders include KfW IPEX-Bank GmbH, Erste Group Bank AG, London Branch, Intesa Sanpaolo Bank Luxembourg S.A., Amsterdam Branch, ABC International Bank plc, Frankfurt Branch, Bank of Baroda, Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch and AKA Ausfuhrkredit-Gesellschaft GmbH. KfW IPEX-Bank, focusing…

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