AGRI-FOOD giant Olam Group : VC2 -1.68% has agreed to sell a 35.4 per cent stake in Olam Agri Holdings to the Saudi Agricultural and Livestock Investment Company (Salic) for US$1.2 billion.

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Salic is a wholly-owned subsidiary of the Public Investment Fund of the Kingdom of Saudi Arabia. 

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In a call to discuss the transaction, Olam Group's chief executive Sunny Verghese said this move unlocks the "hidden value" of the Olam Agri business in the group's portfolio and unlocks value for the shareholders of the group.