Olam International has announced a fully underwritten three-for-20 rights issue at an issue price of $1.25 per share, which is expected to raise gross proceeds of $601.7 million.
The company also announced its 1QFY2021 ended March business update, in which it reported a 13.1% y-o-y decline in earnings to $155.6 million.
Olam attributes the lower earnings to the absence of net exceptional gains compared to the previous year. In the 1QFY2020, Olam had recognised gains of $43.2 million from the divestment of its stake in Far East Agri as well as partial stake sales in the ARISE infrastructure and logistics businesses.
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