First, Salic will acquire 44.57% of Olam Agri for $1.78 billion, bringing its total ownership stake to 80.01%. The Saudi fund will then have three years to exercise a call option on the remaining 19.99%.

(Reuters) -Singapore-based Olam Group on Monday said it will sell a 44.58% stake in its agricultural products business Olam Agri for $1.78 billion to state-owned Saudi Agricultural and Livestock Investment Company (SALIC).

Olam Group—backed Singaporean tycoon Sunny Verghese—is selling its remaining stake in its agribusiness unit to Saudi Agriculture and Livestock Investment Company in a deal valued at $4 billion.