SINGAPORE Dec 28 Olam International Ltd
, which has been battling short-seller Muddy Waters,
said on Friday that Singapore state investor Temasek Holdings
had raised its stake in the commodities firm to 19 percent from
Temasek has been building up its stake in Olam since Muddy
Waters launched a scathing attack on the company's accounting,
debt and investment strategy on Nov 19.
Temasek is backing Olam's $1.2 billion bonds-with-warrants
issue, but critics including Muddy Waters and several analysts
warned that Olam needs to shore up its weak cash position after
piling up debt to finance expansion.
(Reporting by Eveline Danubrata)