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…

Read More

Olam secures US$250 million sustainability-linked financing deal

SINGAPORE – Food and agri-business company, Olam International, and its wholly owned subsidiary, Olam Treasury Pte., have secured a revolving sustainability-linked credit facility (SRCF) amounting to US$250 million – the company’s third sustainability liked financing agreement in 2 years. The quarter-billion-dollar credit facility, that is linked to the company meeting key sustainability performance indicators (KPI), consists of three tranches – a 1-year revolving sustainability-linked credit facility of US$50 million, a 2-year SRCF of US$100 million and a 3-year SRCF of US$100 million. Olam revealed that the interest margin on the…

Read More

Kellogg donates US$7.5m to global COVID-19 hunger relief efforts

USA – Kellogg Company and its charitable funds have announced that they have donated US$7.5 million in food and funds to COVID-19 food relief efforts. This forms part of the cereal company’s efforts across the globe. Kellogg has partnered with food bank, committed to ensuring the health and safety of its employees and is also implementing steps to protect the dedicated front-line workers. In addition, the company said that it is releasing a special advertisement to thank the front-line heroes who play an important role in supporting the global food…

Read More

World’s first sustainable rice partnership shortlisted for US$100m grant

ASIA – The Sustainable Rice Platform (SRP), a multi-stakeholder platform that seeks to promote efficiency and sustainability in the in the global rice sector, has been shortlisted for a US$100 million grant from the MacArthur Foundation. The platform has set out a goal of providing actors in the global rice sector with sustainable production standards and outreach mechanisms that contribute to an increase of global supply of affordable rice, improved livelihoods of rice producers and a reduction of the environmental impact of rice production. While acknowledging that rice is vital…

Read More

Olam International restructures its business to maximize long-term value

SINGAPORE – Global food and agri-business comapany, Olam International has re-organised its diverse business portfolio into two new operating groups; Olam Food Ingredients and Olam Global Agri. Olam’s operations will now focus on food ingredients and global agri-business as part of the company’s strategy to reposition the business for further growth in line with key consumer trends and market opportunities. The Olam Food Ingredients (OFI) unit will consist of Olam’s businesses of cocoa, coffee, edible nuts, spices and dairy and will offer value-added food products and ingredients. Olam claims that…

Read More

Nigerian Stock Exchange delists Dangote Flour Mills after takeover

NIGERIA – The Nigerian Stock Exchange has delisted the entire issued share capital of Dangote Flour Mills Plc from its listing effective Monday, 18 November 2019. The statement issued by the Nigerian bourse read in part, “Dealing members are hereby notified that DFM was on November 18, 2019 delisted from the daily official list of the Exchange.” This comes after the shareholders of Dangote Flour Mills Plc endorsed the acquisition of the company by Crown Flour Mills Limited, the Nigerian subsidiary of Olam International Limited in October for N120 billion…

Read More

Olam’s Makouke palm plantation in Gabon achieves RSPO certification

GABON – Makouke Plantation, managed by Olam International’s subsidiary Olam Palm Gabon, has become certified by the Roundtable on Sustainable Palm Oil (RSPO), making the multinational food and agribusiness company be on track to achieve RSPO certification for all of its palm plantations in Gabon by 2021. The Roundtable on Sustainable Palm Oil (RSPO) was established in 2004 with the objective of promoting the growth and use of sustainable oil palm products through credible global standards and engagement of stakeholders. The Makouke plantation a joint venture of the Republic of…

Read More

Olam Cocoa unveils sustainability ambitions for the future of the cocoa sector

SINGAPORE – Olam Cocoa, one of the world’s leading cocoa suppliers, has announced its sustainability ambition for the future of the cocoa sector, committing to a child labour free supply chain and greater forest protection by 2030. The company has set out a new initiative dubbed ‘Cocoa Compass’ that aims to support the creation of an environmentally positive, professionalised and quality focused cocoa supply chain comprising farmers earning a living income. Cocoa Compass targets areas for action that will have the greatest positive impact under the three pillars of Focused…

Read More

Olam’s Nutrifoods debuts Perk Strawberry Shortcake Biscuit in Ghana

GHANA – Nutrifoods Ghana Limited, a subsidiary of Olam Ghana and a market leader in the production of top-grade biscuits, has debut the first locally made strawberry shortcake biscuit, ”Perk Strawberry Shortcake” under its Perk brand. The Perk Strawberry Shortcake biscuit launched under the theme ‘’The Pink Experience’’ was in response to consumer research on new Perk biscuit flavours and varieties undertaken by the manufacturer adding to its Perk Milk and Perk Choco shortcake biscuits. “Perk is a vibrant, youth engaging and fun brand. Our consumers love trying anything new…

Read More

Olam’s Nutrifoods debuts Milky Magic ‘Eggrich’ Biscuit in Ghana

GHANA – Nutrifoods Ghana Limited, a subsidiary of Olam Ghana and a market leader in the production of biscuits, has introduced the first egg and milk-based biscuit into the market. Made with fortified wheat flour, whole egg powder and rich milk proteins, the Milky Magic Eggrich biscuit seeks to enable the company expand and meet growing demand in the prevailing nutrition snacking space among children. The egg and milk ingredients provide an affordable source of protein and a balanced diet. Nutrifoods, producer of popular household biscuit brands like Perk, Milky…

Read More