Olam International is a major food and agri-business company, operating in 60 countries and supplying food and industrial raw materials to over 20,900 customers worldwide. Its value chain includes farming, origination, processing and distribution operations.[1]
Olam is among the world’s largest suppliers of cocoa beans and products, coffee, cotton and rice.[2][3][4]
History
In 1989, the Kewalram Chanrai Group established Olam Nigeria Plc to set up a non-oil based export operation out of Nigeria to secure hard currency earnings to meet the foreign exchange requirements of the other Group Companies operating in Nigeria. The success of this operation resulted in Olam establishing an independent export operation and sourcing and exporting other agricultural products. The Group’s agri-business was headquartered in London until 1996, and operated under the name of Chanrai International Limited. The business began with the export of cashews from Nigeria and then expanded into exports of cotton, cocoa and sheanuts from Nigeria.[5][6]
Move to Singapore
Between 1993 and 1995, the business grew from a single operation into multiple origins, first within West Africa, and then to East Africa and India.[7][8] The move into multiple origin countries coincided with the deregulation of the agricultural commodity markets.[9]
Olam International Limited was incorporated in Singapore on 4 July 1995 as a public limited company.[10] In 1996, at the invitation of the Singapore Trade Development Board (now Enterprise Singapore), Olam relocated their entire operations from London to Singapore. Furthermore, the Singapore Government awarded Olam the Approved International Trader status (now called the Global Trader Programme) under which Olam was granted a concessionary tax rate of 10%, which was subsequently reduced, in 2004, to 5%.[9] On relocation to Singapore, the Group’s agri-business was reorganised to be wholly owned by Olam International Limited in Singapore.[5]
IPO