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PR Newswire
03-12-2012, 06:57 PM
Looks like there is no end to Olam selling bonds. I wonder who would dare to buy them now considering what happens...
SINGAPORE--Olam International Ltd. (O32.SG) is planning to sell bonds and warrants in an effort to raise funds, people close to the development said Monday.
Olam's spokesman declined to comment ahead of a press conference at 1100 GMT.
The company halted trading in its shares before the market open Monday and said it will announce an initiative involving its shareholders.
Short seller Carson Block and his research firm Muddy Waters LLC. have criticized Olam in recent weeks for alleged flaws in the Singapore-listed firm's business and accounting practices, prompting the commodities trader to mount a concerted defense against the accusations.
The criticisms had prompted a selloff in Olam shares, which have fallen 9.5% since Mr. Block first commented against the company at an investor conference in London on Nov. 19.
Olam's stock closed 1% higher at S$1.575 on Friday.
SINGAPORE--Olam International Ltd. (O32.SG) is planning to sell bonds and warrants in an effort to raise funds, people close to the development said Monday.
Olam's spokesman declined to comment ahead of a press conference at 1100 GMT.
The company halted trading in its shares before the market open Monday and said it will announce an initiative involving its shareholders.
Short seller Carson Block and his research firm Muddy Waters LLC. have criticized Olam in recent weeks for alleged flaws in the Singapore-listed firm's business and accounting practices, prompting the commodities trader to mount a concerted defense against the accusations.
The criticisms had prompted a selloff in Olam shares, which have fallen 9.5% since Mr. Block first commented against the company at an investor conference in London on Nov. 19.
Olam's stock closed 1% higher at S$1.575 on Friday.