SINGAPORE (Reuters) – Commodity trader Olam International said on Friday it would seek a primary listing for its food ingredients business in London and a concurrent secondary listing in Singapore by the first half of next year.

Olam, which is backed by Temasek Holdings, also reported first-half operational profit, excluding exceptional items, more than doubled to a record S$436.6 million ($321.53 million).

The proposed listing is part of Olam’s restructuring plan flagged last year, in which it is dividing its portfolio of diverse products into two new operating businesses.

Olam Food Ingredients (OFI) includes its cocoa, coffee and edible nuts businesses, and Olam Global Agri (OGA) comprises grains and animal feed, edible oils, rice and cotton, among others.

OGA is also evaluating various strategies to maximise its long-term growth potential, including a potential IPO and concurrent demerger from the group in the first half of 2023, the company said.

First half revenue at OFI increased 12.6% to S$6.8 billion, while OGA recorded a 48.2% rise to S$15.5 billion.

(Reporting by Aradhana Aravindan in Singapore; Editing by Muralikumar Anantharaman)