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.

After the completion of the 44.58% stake sale, Olam Group has the option to sell its remaining 19.99% stake in Olam Agri to SALIC three years later.

Olam Group, the Singapore-based food and agribusiness conglomerate, is selling its agricultural products business to Saudi Arabia. The Saudi Agricultural and Livestock Investment Company (Salic), owned by the kingdom’s Public Investment Fund,

(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).