Sunny Verghese, CEO of Olam Group.

Shares of Olam Group—cofounded by Singaporean tycoon Sunny Verghese—surged on Friday after a state-owned Saudi investment firm made an offer to buy the Singapore-listed company’s agribusiness unit.

Olam said it is considering the non-binding indicative offer made by the Saudi Agricultural and Livestock Investment Company (Salic) for its stake in Olam Agri Holdings. Its shares gained 13% to S$1.21 ($0.91) in afternoon trading in Singapore,........

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