Olam to Dispose of 100% Stake in Mindsprint

MT Newswires04-06

Olam's (SGX:VC2) subsidiary, Olam Holdings, agreed with Wipro to dispose of its entire 100% stake in Mindsprint for an estimated gain of around $310.5 million, according to a Monday filing with the Singapore Exchange.

The disposal is part of the company's re-organization plan and will accrete its equity reserves.

Meanwhile, the company has also awarded Wipro an eight-year services contract with a committed annual spend of $100 million. The contract is to help the company advance its farm to fork value chain.

Mindsprint is the company's IT and digital services business and will cease to be its subsidiary following the completion of the disposal.

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