April 25, 2013 / 9:51 AM / 5 years ago

Temasek says comfortable with Olam's credit, prospects

SINGAPORE, April 25 (Reuters) - Singapore state investor Temasek Holdings Pte Ltd said on Thursday it was comfortable with Olam International Ltd’s credit position and its longer-term prospects.

The statement came after Olam, whose biggest shareholder is Temasek with 24 percent, announced a new strategic plan to halve its capital spending between 2014 and 2016, cut its stake in a urea plant in Gabon and reduce its debt levels.

Temasek increased its stake in Olam after Muddy Waters criticised the company’s business practices and sparked a tumble in its bond and share prices. (Reporting by Saeed Azhar)

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