Singapore: Olam International Ltd , propped up by Singapore state investor Temasek Holdings after worries mounted over its high debt, bowed to investor pressure and said it will nearly halve its capital spending over the next three years and trim its businesses.
The Singapore-based agricultural commodities company, which came under attack from short-seller Muddy Waters last November and was forced to raise cash as its stock and bond prices tumbled, has been urged to rein in its global expansion plans and generate more cash.
Olam’s fortunes are increasingly tied to Temasek, which became Olam’s top shareholder with a 24% stake, up from 16%, after subscribing to a $712.5 million cash call in January. Full story
Related:
