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.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)