🧠 Food for thought

Implications, context, and why it matters.

Loan transfer depends on completion of IPO and demerger; listing timeline still uncertain

• Transfer of the US$1.1 billion facility to ofi waits on the IPO and a demerger 1. ofi is pursuing a primary London Stock Exchange (LSE) premium segment listing with a concurrent Singapore listing 1.
• Banks on the deal include Citigroup and HSBC 2. JP Morgan and Morgan Stanley are also involved 2. The IPO will not happen before summer 2025 2. The loan transfer date remains unclear despite the facility being secured now 2.
• Dual listing means meeting LSE rules 1 and Singapore Exchange (SGX) sustainability rules 3. From FYC 2025, SGX mandates Scope 1 and Scope 2 greenhouse gas emissions under International Financial Reporting Standards (IFRS) S2, a climate-disclosure standard 3.
• ofi sources from about 2.6 million farmer suppliers across 48 countries, so traceability and climate disclosure will be complex 1.

Environmental, Social and Governance (ESG) and assurance considerations if ofi lists on the Singapore Exchange (SGX) (FY 2025–FY 2026)

• From FYC 2025, SGX issuers must disclose Scope 1 and Scope 2 emissions 3. From FYC 2026, Scope 3 applies only to Straits Times Index (STI) constituents, with other IFRS S2 items phasing in by issuer size and status 3.
• Tech firms in agri traceability should engage ofi early 3. Vendors for GHG measurement or IFRS S2 reporting can help build SGX-ready systems 3.
• Peers in food ingredients and commodity trading face climate rules, boosting demand for ESG data platforms that standardize reporting 3.
• External assurance remains optional 3. Issuers can include sustainability in the annual report or release a separate report within four months after year end, extended to five months with external assurance 3.