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Latest Forum Topics / Olam Intl  Post Reply
Oceanus major business model restructure
Maller
Elite
31-Aug-2015 23:32     
 
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Shd be at least 2.75. Mitsubishi paying this price
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FATABA
Supreme
31-Aug-2015 21:42     
 
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" " " There are several mitigating factors, though. Collaboration should increase sales, although neither side will quantify the benefits. And if long-term projects start paying off, Olam' s earnings should in any case pick up sharply: forecasts for earnings per share two years hence are 47% above the current financial year." " "
 

Hi ,,,I have highlighted this statement from the report below....there must be more than its worth for MC to pay $2.75

 

 

By Reuters  / Reuters   | August 31, 2015 : 4:19 PM MYT                       

HONG KONG (Aug 31): Talk about peer envy. Mitsubishi Corp is backing a Singapore-listed trader with wobbly shares and an unhappy history with short sellers.

The $1.5 billion vote of confidence would be just the ticket for beleaguered Noble Group. But the $41 billion Japanese outfit is actually pairing up with safer-looking Olam.

Mitsubishi is paying a full-looking price, perhaps because it was chosen following a competitive auction. It will buy a 20% stake, three-fifths in the form of new shares, and the rest from Olam' s founding family, at $2.75 a share.

That' s an almost 55% premium to Olam' s market price before the announcement, implying a valuation of more than 16 times consensus earnings for the financial year to June 2016.

That looks expensive when set against Olam' s five-year average multiple of just over 12 times forward earnings. Mitsubishi itself averages a little more than seven times over the same period.

There are several mitigating factors, though. Collaboration should increase sales, although neither side will quantify the benefits. And if long-term projects start paying off, Olam' s earnings should in any case pick up sharply: forecasts for earnings per share two years hence are 47% above the current financial year.

Olam differs from Noble in other ways, too. While sceptics are still attacking the latter' s accounts, the support of Singapore state investor Temasek has basically seen off the short-sellers who began circling Olam three years ago.

Temasek' s continued presence as a majority investor, even after the Mitsubishi investment, provides extra reassurance.

More generally, agricultural specialists have not suffered quite the maelstrom that has engulfed traders such as Noble which focus on industrial inputs like coal or copper. Look at the difference between Bunge &ndash whose shares are down 14% in a year &ndash and Glencore, down 59%.

Noble has floated the idea of a new strategic backer. If it can pin one down on reasonable terms, that would be a useful step in its rehabilitation. But it looks like a harder sell than Olam.

As at 4.14pm, Olam is down 1% to $2.05 while Noble is up 1.9% to 53 cents.

sun233      ( Date: 31-Aug-2015 19:08) Posted:



I totally agree. So I' m not the only one noticing that there is accumulating going on.Happy Trading.

FATABA      ( Date: 31-Aug-2015 17:40) Posted:



I see that it is trying to accumulate below 2.10
Anyway , with all the past few days of news....this counter is worth far more than this price.
The coming qtrs of result shld be better.


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sun233
Elite
31-Aug-2015 19:08     
 
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I totally agree. So I' m not the only one noticing that there is accumulating going on.Happy Trading.

FATABA      ( Date: 31-Aug-2015 17:40) Posted:



I see that it is trying to accumulate below 2.10
Anyway , with all the past few days of news....this counter is worth far more than this price.
The coming qtrs of result shld be better.

sun233      ( Date: 31-Aug-2015 16:47) Posted:



Odd, it' s quiet all day and yet at closing time thousands queue up.


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FATABA
Supreme
31-Aug-2015 17:40     
 
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I see that it is trying to accumulate below 2.10
Anyway , with all the past few days of news....this counter is worth far more than this price.
The coming qtrs of result shld be better.

sun233      ( Date: 31-Aug-2015 16:47) Posted:



Odd, it' s quiet all day and yet at closing time thousands queue up.

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sun233
Elite
31-Aug-2015 16:47     
 
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Odd, it' s quiet all day and yet at closing time thousands queue up.
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kenkenken
Senior
31-Aug-2015 11:58     
 
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waiting for you to buy

Maller      ( Date: 31-Aug-2015 11:36) Posted:



Major investors willing to pay 2.75? With current price, wat are u guys waiting for? 

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Maller
Elite
31-Aug-2015 11:36     
 
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Major investors willing to pay 2.75? With current price, wat are u guys waiting for? 
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sun233
Elite
30-Aug-2015 13:47     
 
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Any news about new TP?   Brokerages or banks?   Not in town and have no access to papers.

SINGAPORE: Japan' s Mitsubishi Corp will acquire a 20 per cent stake in Singapore-listed Olam International in two separate deals worth a total of S$1.53 billion.

In a statement on Friday (Aug 28), the agri-business said it will issue 332.7 million shares to Mitsubishi at S$2.75 apiece, or about 12 per cent of the company' s enlarged share capital.

Separately, the Japanese conglomerate will also acquire about 222 million secondary Olam shares from the founding members of the Kewalram Chanrai Group at the same price. The purchase price is at a 44 per cent premium to Olam' s last price before trading in its shares was halted on the Singapore Exchange early Thursday.

After these transactions, Mitsubishi will become Olam' s second-largest shareholder with a 20 per cent stake after investment firm Temasek Holdings. The deal will also dilute Temasek' s stake in Olam to 51.4 per cent, from 58 per cent.

Mitsubishi will also nominate up to two members to the Olam Board and will also have its members join Olam' s global management team, the statement added.

Olam&rsquo s co-founder and CEO Sunny Verghese said: " We have been business partners for many years and share a lot of the same goals and beliefs about the future of our sector and the attractive long term prospects that it offers. I am confident that this partnership with Mitsubishi will provide several sources of synergy which will help accelerate Olam&rsquo s growth and harness its full potential."

Olam and Mitsubishi are also in discussions to establish a joint venture in Japan to distribute specific products of Olam that can leverage on Mitsubishi' s strong distribution and retail presence.

 

NEWS KEEPS GETTING BETTER AND BETTER.
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Observers
Elite
28-Aug-2015 15:30     
 
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Overall I think its a good idea to have Mitsubishi Corp having a substantial stake in Olam. Commodities business is very much a national strategic interest. Old commodity houses represents the western sphere. Noble is backed by China, and now Olam has Japan' s support. Perhaps the TPP is closer to fruition than many are going to expect.
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FATABA
Supreme
28-Aug-2015 13:10     
 
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VIVI dont know why " You are not authorized to view this message. " on your PM to me>

anyway your headline is note.  I view it positively as accumulation below the wall .

vivivava      ( Date: 28-Aug-2015 12:51) Posted:



check your PM

FATABA      ( Date: 28-Aug-2015 12:43) Posted:



ytoh...first thanks for the video ( b berg interview with Olam CEO)
Some great key points about this win win deal ...
1. Good capital ( close to a $1B capital into Olam ...opportunity for other investment)
2. Japan EXCLUSIVE distributorship for olam ...wow this is a great market esp considering how tough to enter Japn market.
3. W MC help ....it also offer more and quicker in route to Africa and Asian ...where MC has strong position
There is certainly a lot of value for MC to bid for this 20% share....at 2.75
Vested


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vivivava
Veteran
28-Aug-2015 12:59     
 
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http://www.ft.com/cms/s/0/262d4ac4-84bf-11e4-bae9-00144feabdc0.html#axzz3k53SNG2e

Olam bgt ADM cocoa business in Dec 14 Cocoa Px was 2900.   Now Cocoa Px is 3114 7.3% up

http://data.cnbc.com/quotes/%40CC.1
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vivivava
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28-Aug-2015 12:51     
 
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check your PM

FATABA      ( Date: 28-Aug-2015 12:43) Posted:



ytoh...first thanks for the video ( b berg interview with Olam CEO)
Some great key points about this win win deal ...
1. Good capital ( close to a $1B capital into Olam ...opportunity for other investment)
2. Japan EXCLUSIVE distributorship for olam ...wow this is a great market esp considering how tough to enter Japn market.
3. W MC help ....it also offer more and quicker in route to Africa and Asian ...where MC has strong position
There is certainly a lot of value for MC to bid for this 20% share....at 2.75
Vested

vivivava      ( Date: 28-Aug-2015 12:20) Posted:



having review the video..this is not a normal M& A deal.

It is not done to align synegies but clearly a JV allowing both parties to enlarge their platform, mkts and growth.   So it is not a left pocket to right pocket thingy

For MC, i think this is also a political element relating to the " freeing" of their protected mkts and yet still accruing benefits to Japanese corporations.   " Selected" Olam products are allowed to enter the Japanese mkts now 


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FATABA
Supreme
28-Aug-2015 12:43     
 
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ytoh...first thanks for the video ( b berg interview with Olam CEO)
Some great key points about this win win deal ...
1. Good capital ( close to a $1B capital into Olam ...opportunity for other investment)
2. Japan EXCLUSIVE distributorship for olam ...wow this is a great market esp considering how tough to enter Japn market.
3. W MC help ....it also offer more and quicker in route to Africa and Asian ...where MC has strong position
There is certainly a lot of value for MC to bid for this 20% share....at 2.75
Vested

vivivava      ( Date: 28-Aug-2015 12:20) Posted:



having review the video..this is not a normal M& A deal.

It is not done to align synegies but clearly a JV allowing both parties to enlarge their platform, mkts and growth.   So it is not a left pocket to right pocket thingy

For MC, i think this is also a political element relating to the " freeing" of their protected mkts and yet still accruing benefits to Japanese corporations.   " Selected" Olam products are allowed to enter the Japanese mkts now 

ytoh1688      ( Date: 28-Aug-2015 10:06) Posted:



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vivivava
Veteran
28-Aug-2015 12:20     
 
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having review the video..this is not a normal M& A deal.

It is not done to align synegies but clearly a JV allowing both parties to enlarge their platform, mkts and growth.   So it is not a left pocket to right pocket thingy

For MC, i think this is also a political element relating to the " freeing" of their protected mkts and yet still accruing benefits to Japanese corporations.   " Selected" Olam products are allowed to enter the Japanese mkts now 

ytoh1688      ( Date: 28-Aug-2015 10:06) Posted:


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FATABA
Supreme
28-Aug-2015 11:38     
 
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Thanks good input .

vivivava      ( Date: 28-Aug-2015 11:29) Posted:



Rice protection in Japan...slowly being lifted

http://www.japantimes.co.jp/news/2014/10/21/national/rethinking-japans-rice-industry-farmers-retire-protection-remains/#.Vd_SBPmqqz0

It is estimated that ditching rice tariffs &mdash which can reach 778 percent &mdash would see local prices fall by about ¥ 341 per kilogram, according to the agriculture ministry.

An average 5-kg bag in Tokyo costs from ¥ 1,500 to ¥ 2,000, up to three times the price of a comparable bag in Sydney, Bangkok or Beijing.

MC and Olam have engaged in business for over 20 years and, in 2014, MC&rsquo s acquisition of an 80% share of Olam&rsquo s grains company in Australia and collaboration to manage that joint venture helped to further solidify the partnership. The current investment move is the result of a long-standing strategic partnership in the pursuit of continued growth over the medium to long term.

MC acquiring Olam' s grain business is related to the easing of the protection.   MC will win win.

Olam will benefit hugely as well getting access to the protected rice mkt in Japan.

We all know that Japn is very much a protected mkt especially for agri products..so this is a huge opportunity for olam as well....win win overall and hence the premium they are willing to pay ..at least this way, MC still continue to gain despite pressures to open up mkt in japan as part of the TPP as well
 

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vivivava
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28-Aug-2015 11:29     
 
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Rice protection in Japan...slowly being lifted

http://www.japantimes.co.jp/news/2014/10/21/national/rethinking-japans-rice-industry-farmers-retire-protection-remains/#.Vd_SBPmqqz0

It is estimated that ditching rice tariffs &mdash which can reach 778 percent &mdash would see local prices fall by about ¥ 341 per kilogram, according to the agriculture ministry.

An average 5-kg bag in Tokyo costs from ¥ 1,500 to ¥ 2,000, up to three times the price of a comparable bag in Sydney, Bangkok or Beijing.

MC and Olam have engaged in business for over 20 years and, in 2014, MC&rsquo s acquisition of an 80% share of Olam&rsquo s grains company in Australia and collaboration to manage that joint venture helped to further solidify the partnership. The current investment move is the result of a long-standing strategic partnership in the pursuit of continued growth over the medium to long term.

MC acquiring Olam' s grain business is related to the easing of the protection.   MC will win win.

Olam will benefit hugely as well getting access to the protected rice mkt in Japan.

We all know that Japn is very much a protected mkt especially for agri products..so this is a huge opportunity for olam as well....win win overall and hence the premium they are willing to pay ..at least this way, MC still continue to gain despite pressures to open up mkt in japan as part of the TPP as well
 
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ytoh1688
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28-Aug-2015 11:00     
 
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One of the sources said Mitsubishi had done extensive due diligence and had also looked at other strategic investments before choosing Olam. The people declined to be identified as discussions were private.

overpaying by Mitsubishi ??? hardly

The price of $2.75 a share paid by Mitsubishi for the new stock represents a 29 per cent premium to the 2014 trading average of Olam. The Singapore company said in a presentation that the price was set " through a competitive bidding process."

Other bidders weren' t disclosed. The Kewalram Chanrai Group was the founder of Olam in 1989.
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ytoh1688
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28-Aug-2015 10:44     
 
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competitive bidding....there were many bidders and they only choose MC as a strategic partner.

This is an indication of intrinsic value

FATABA      ( Date: 28-Aug-2015 10:30) Posted:



Thanks,  this briefing....  " Recommendation and target price under review pending analyst briefing for more details on this JV." we were all have a better understanding of this deal and the benefit. ( dont know when and where...but reports will definately come abt)
Whatever, its positive...there must be a lot of value and benefit for MC to pay this price.
Further free float ( others ) is less then 20% ...with solid shreholders behind this counter.  It is not tough to see $3 after a few good Q results.

 


 

ytoh1688      ( Date: 28-Aug-2015 09:47) Posted:



Singapore: Olam International (OLAM SP)                   HOLD


Price/Tgt: S$1.91/1.95         Mkt Cap: US$3.3b         Avg Val: US$0.9m   Hi/Lo: S$2.69/1.69

New Strategic Partnership With Mitsubishi Corporation
 

What&rsquo s New:

o         Olam International (OLAM SP) announced a strategic partnership with Mitsubishi Corporation (MC) with the issuance of 332.73m new shares to MC at S$2.75/share to raise S$915m.    

o         MC will also acquire 222.0m secondary shares from the Kewalram Chanrai Group (KC).  

o         Post exercise MC will hold 20% stakes in Olam.

 

On The Transaction:

o         S$2.75/share translate into 2015F/2016F PE of 18x/16x and PB of 1.6x/1.4x.  

o         Share base will be enlarged by 13.6%, and base on our estimation

o         10% earnings dilution

o         Neutral to book value

Implication:

o         The 50% premium over  Wednesday  closing price is a show of confidence on Olam to create long term value for MC.

o         Potential synergy: new capital for growth (instead of raising debt) and penetration into Japanese market through MC (expansion of clientele base).

o         Institutionalize the shareholding structure with reputable and strong strategic shareholders is positive to improve market confidence for better corporate governance and transparency.   This should translate into better valuation.  

 

Recommendation/Valuation:

o         Recommendation and target price under review pending analyst briefing for more details on this JV.

o         Current target price of S$1.95 is pegged to 11.2x 2016F PE, or 1SD below its 5-year mean of 19.2x.   At mean PE, the fair value would be S$2.50.

 

Figure 1: Shareholding Structure: Pre & Post Transactions
Shareholder
Current (m shares)
% stakes
Post (m shares)
% stakes
Temasek
1,425.14
58.39
1,425.14
51.39
KC Group
355.6
14.56
133.5
4.81
Management (ExCo)
176.22
7.11
176.22
6.35
Others
483.90
19.83
483.90
17.45
MC
-
-
554.69
20.00
Total
2,440.72
100.00
2,773.45
100.00
 


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FATABA
Supreme
28-Aug-2015 10:30     
 
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Thanks,  this briefing....  " Recommendation and target price under review pending analyst briefing for more details on this JV." we were all have a better understanding of this deal and the benefit. ( dont know when and where...but reports will definately come abt)
Whatever, its positive...there must be a lot of value and benefit for MC to pay this price.
Further free float ( others ) is less then 20% ...with solid shreholders behind this counter.  It is not tough to see $3 after a few good Q results.

 


 

ytoh1688      ( Date: 28-Aug-2015 09:47) Posted:



Singapore: Olam International (OLAM SP)                   HOLD


Price/Tgt: S$1.91/1.95         Mkt Cap: US$3.3b         Avg Val: US$0.9m   Hi/Lo: S$2.69/1.69

New Strategic Partnership With Mitsubishi Corporation
 

What&rsquo s New:

o         Olam International (OLAM SP) announced a strategic partnership with Mitsubishi Corporation (MC) with the issuance of 332.73m new shares to MC at S$2.75/share to raise S$915m.    

o         MC will also acquire 222.0m secondary shares from the Kewalram Chanrai Group (KC).  

o         Post exercise MC will hold 20% stakes in Olam.

 

On The Transaction:

o         S$2.75/share translate into 2015F/2016F PE of 18x/16x and PB of 1.6x/1.4x.  

o         Share base will be enlarged by 13.6%, and base on our estimation

o         10% earnings dilution

o         Neutral to book value

Implication:

o         The 50% premium over  Wednesday  closing price is a show of confidence on Olam to create long term value for MC.

o         Potential synergy: new capital for growth (instead of raising debt) and penetration into Japanese market through MC (expansion of clientele base).

o         Institutionalize the shareholding structure with reputable and strong strategic shareholders is positive to improve market confidence for better corporate governance and transparency.   This should translate into better valuation.  

 

Recommendation/Valuation:

o         Recommendation and target price under review pending analyst briefing for more details on this JV.

o         Current target price of S$1.95 is pegged to 11.2x 2016F PE, or 1SD below its 5-year mean of 19.2x.   At mean PE, the fair value would be S$2.50.

 

Figure 1: Shareholding Structure: Pre & Post Transactions
Shareholder
Current (m shares)
% stakes
Post (m shares)
% stakes
Temasek
1,425.14
58.39
1,425.14
51.39
KC Group
355.6
14.56
133.5
4.81
Management (ExCo)
176.22
7.11
176.22
6.35
Others
483.90
19.83
483.90
17.45
MC
-
-
554.69
20.00
Total
2,440.72
100.00
2,773.45
100.00
 

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ytoh1688
Veteran
28-Aug-2015 10:27     
 
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Other adjacent business 


Cocoa Plant in Nigeria


Coffee Plantation in Brazil


Flour Products Marketed in West Africa


ytoh1688      ( Date: 28-Aug-2015 10:25) Posted:



http://www.mitsubishicorp.com/jp/en/pr/archive/2015/html/0000028412.html

The reasons why MC bgt Olam.   Letter to their sharholders

Mitsubishi Corporation Acquires Stake in Olam International
Move to Shore up Global Procurement Network for Sustainable Food Products

Mitsubishi Corporation (MC) is pleased to announce an agreement reached with Olam International (Olam or the Company) of Singapore for subscribing to 332.73 million new shares in the Company giving it a 12% stake of the enlarged issued and paid up capital of the Company. It is also pleased to announce that it is acquiring 222.0 million secondary shares from the Kewalram Chanrai Group, who are the original promoters of Olam, which will give it a combined 20% stake of the enlarged issued and paid up capital of the Company, following completion of both these transactions. As MC seeks to accelerate business development globally while contributing to providing a stable supply of resources to consumers around the world, one area of increased focus is agricultural production-related businesses, including farming, trading and processing. In particular, the company has been expanding its global procurement network for raw materials such as coffee, cocoa and edible nuts, which are projected to see a notable increase in global demand in the coming years.
 
1.      About the MC-Olam Business Agreement
Under the agreement, MC will acquire existing Olam shares from the original  promoters representing 8% of the enlarged issued capital of Olam, and acquire another 12% of the enlarged issued capital through the allotment of new shares by Olam for a total of 20%, amounting to a value of approximately S$1.53 billion (approx. 130 billion yen). MC will also appoint up to two executives to serve on Olam&rsquo s board. The partners will be working together to expand their global network for procurement of food products with the aim of responding adequately to growing customer concerns about sustainability, specifically as it relates to a wide range of confectioneries and raw materials. The venture will allow the partners to pool Olam&rsquo s production and procurement expertise with MC&rsquo s food manufacturing and sales strengths to develop, on a global basis, a new business platform that ranges from agricultural production, procurement, processing and manufacturing right through to sales. Olam already has a strong raw materials and food processing base in Africa and the partnership will allow MC to expand its presence in a region that carries much future potential as a consumer market.
 
2.      Background
In tandem with economic development, food consumption patterns in developing countries have become increasingly diversified and westernized. In addition to staples such as noodles, bread, rice, meat and fish, the demand for food and beverage products such as coffee, cocoa and edible nuts has also been showing signs of increase. At the same time, consumers in developed countries are increasingly demanding products that are not only of high-quality, but that are also produced sustainably, and address the needs of society and the global environment. In response, large global food brands are increasingly focused on ensuring that they are sourcing sustainable materials¹ . This is also the case in Japan where, for instance, demand is increasing for agricultural products sourced from farms that have been certified by Rain Forest Alliance or similar organizations. This trend is expected to gather momentum in emerging markets as well.
 
Since its foundation in Nigeria in 1989 as a cashew trader, Olam has seen tremendous expansion, including mergers and acquisitions, to its current scale as a major global agri-business firm dealing in some 44 products in 65 countries worldwide. In terms of market share, Olam holds the top three position, in the global coffee, cocoa and edible nuts markets and has been building its brand as one that prioritizes ensuring a sustainable and traceable value chain in the production, procurement and processing of agricultural products. In Africa, Olam also has a strong foundation in flour milling and packaged foods businesses.
 
As part of its mission to achieve sustainable growth by contributing to fulfilling consumers&rsquo needs for daily living essentials such as food, clothing and shelter notwithstanding changes in economic environments or business structures, MC has committed to undertaking a diverse range of businesses around the world, including moves to expand its global procurement network, as one of its strategies. MC has developed a vertically integrated model that engages in the food business from raw materials procurement to retail and, while securing demand for processed raw materials, mainly for staple foods, has steadily been making progress in the expansion of its global procurement network.
 
In its business operations, Olam prioritizes sustainability and traceability as a major part of its strategy, contributing to the development of the local communities and economies in which it operates while minimizing negative impacts on the environment. MC also places emphasis on generating, not just economic value, but also environmental and social value in line with its strategy to achieve sustainable corporate value. The convergence of the philosophies of both companies lends itself to an even stronger partnership.
 
MC and Olam have engaged in business for over 20 years and, in 2014, MC&rsquo s acquisition of an 80% share of Olam&rsquo s grains company in Australia and collaboration to manage that joint venture helped to further solidify the partnership. The current investment move is the result of a long-standing strategic partnership in the pursuit of continued growth over the medium to long term.
 
By joining forces with Olam, therefore, MC will be able to provide a stable supply of sustainable products to customers in Japan and around the world. In Japan, MC and Olam will establish a joint venture to handle coffee, cocoa and edible nuts and will continue to supply customers with sustainably produced processed foods.
 
*1.  Sustainable materials are agricultural products that are produced with due consideration for society and the environment particularly those produced in a way that helps to improve the livelihoods of small farmers and their surrounding communities, improve sanitation and overall working environments, eradicate child labor and makes appropriate use of water and other natural resources.
 
Reference Information
 
Mitsubishi Corporation
1.          Representative:                        Ken Kobayashi, President and CEO
2.          Headquarters:                            2-3-1 Marunouchi, Chiyoda-ku, Tokyo, 100-8086 Japan
3.          Established:                                  1954
4.          Main Business:                                                     
Mitsubishi Corporation has seven Business Groups which develop operations in  the diverse fields of Global Environmental & Infrastructure Industrial Finance, Logistics & Development Energy Metals Machinery Chemicals and Living Essentials. In addition to these Business Groups, MC has also recently established its Business Service Group. Through these business groups, Mitsubishi Corporation serves customers around the world in virtually every industry.
5.          No. of Employees:              71,994 (consolidated, as of March 31, 2015)
6.          Net Income:                                  400.6 billion yen (consolidated, as of March 31, 2015)       
 
Olam International Limited
1.          Representative:                        Sunny George Verghese, Co-founder, Group Managing Director and CEO
2.          Headquarters:                            9 Temasek Boulevard #11-02, Suntec Tower Two, Singapore 038989
3.          Established:                                  1989
4.          Main Business:                                                     
Production, procurement, processing and trading of agricultural products port  management.
5.          No. of Employees:              Approx. 23,000 (consolidated, as of June 30, 2014)
6.          Sales:                                                    S$19,772 million (approx. \1.8 trillion) (consolidated, as of December 31, 2014)               
7.          EBITDA:                                            S$1,107 million (approx. \100.4 billion ) (consolidated, as of December 31, 2014)
8.          Net Income:                                  S$630 million (approx. \57.1 billion ) (consolidated, as of December 31, 2014)
9.          Background:                               
Established in Nigeria in 1989, Olam has built its business around the export of  cashew, cocoa, coffee, cotton and other agricultural products. Olam currently has a presence in 65 countries and deals in some 44 products, including coffee, cocoa, edible nuts, ranking among the top firms in the business, supplying some 13,800 client companies globally, including big brand name manufacturers and retailers, with agricultural produce along the supply chain, from upstream products to processed raw materials. Olam also has a strong foundation in Africa, doing business in 24 countries on the continent, conducting business in fields not limited to procurement of raw materials, but also in the flour milling and food manufacturing business, and is taking steps towards further growth in Africa, which is considered to have high consumer growth potential.
Olam&rsquo s Business Portfolio
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