SINGAPORE Dec 20 Olam International Ltd
said Singapore state investor Temasek Holdings Pte Ltd
bought 23.9 million shares in the commodity trader over
the last two days, raising its stake to 18 percent from 17
Earlier this month, Olam got the full backing from Temasek,
its second-biggest shareholder, for a complex $1.2 billion
bonds-with-warrants issue to battle short-seller Muddy Waters,
which had launched a scathing attack on Olam's accounting, debt
and investment projects.
Olam's shares fell as much as 21 percent after the attack by
Muddy Waters, but have since pared losses over the past few
Critics including Muddy Waters and many analysts warned that
Olam needs to shore up its weak cash position after piling up
debt to finance expansion.
(Reporting by Charmian Kok; Editing by Anshuman Daga)