Olam Group received a non-binding indicative offer from the Saudi Agricultural and Livestock Investment Company for a stake in the Olam Agri Business, according to a filing with the Singapore Exchange on Friday.
The group is currently reviewing the potential sale of its stake in the business and has said that no formal agreements have been reached as of now.
The statement comes following an article published by Bloomberg on Oct. 31 where it stated that SALIC is closing in on a $4 billion deal to takeover Olam's unit.
Shares of the company surged over 14% in recent trading.
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