Home News Equity raising

Olam reports 13.1% lower earnings for 1Q21, announces $601.7 million rights issue

Atiqah Mokhtar
Atiqah Mokhtar6/22/2021 9:14 AM GMT+08  • 3 min read
Olam reports 13.1% lower earnings for 1Q21, announces $601.7 million rights issue
The rights issues will be fully sub-underwritten by major shareholder Temasek.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.