Olam's biggest shareholder sells 6.4% to set up charity

The Kewalram Chandrai Group raises close to $200 million after pricing the offering at the top.

The controlling shareholder of agricultural products supply chain manager Olam International last night raised S$300 million $198 million from a placement of existing shares in the company, which it was able to price at the top of the indicated range.

According to sources, the money will be used to set up a charity.

The Kewalram Chandrai Group, which established Singapore-listed Olam in 1989, offered 100 million shares at a discount of 2% to 6% to ThursdayÆs close of S$3.06, which...

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