Olam says creditors not putting pressure on lending costs
SINGAPORE Feb 7 (Reuters) - Singapore commodities firm Olam International Ltd, which came under attack last November by short-seller Muddy Waters LLC, said it has not been under any added pressure from creditors to revise lending costs.
Olam's Chief Executive Sunny Verghese, speaking at a results briefing, also said the company is reviewing its capital spending plans and free cash flow generation targets.
He said the review was a work in progress and Olam will give more specific guidance in the second half of April.
Olam, which is also under pressure for its streak of acquisitions, said in a surprise move it had ended its proposed $240 million investment in Usina Acucareira Passos, an integrated sugar miller in Brazil.
Analysts have projected higher financing costs for Olam and were watching for any signs it is reining in its capital spending plans and acquisitions. (Reporting by Eveline Danubrata and Paul Carsten; Editing by Anshuman Daga)
- Sierra Leone's chief Ebola doctor contracts the virus
- Gaza bloodshed deepens as airlines shun Israel |
- Ukraine rebel commander acknowledges fighters had BUK missile
- TransAsia Airways plane crashes in typhoon-hit Taiwan, killing 47 |
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand