Producers of one of Nigeria's most preferred rice brand are to be acquired by Saudi Agriculture and Livestock Company (SALIC) in a multi-billion dollar deal.

The Singapore-based company expects to raise $2.58 billion from the sale of its remaining stake in its agricultural products business to Saudi Agricultural and Livestock Investment Company.

Upon completion of tranche two, Olam Agri will be fully owned by SALIC, while Olam will continue to hold a 100% stake in OFI and the remaining Olam group.