Olam Plunges After Dee Calls for Share Sale: Singapore Mover
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Olam International Ltd., the commodity trader that Muddy Waters LLC said may fail, slumped to the lowest in three and a half years in Singapore, after Michael Dee, a former senior managing director at Temasek Holdings Pte, called for Olam to sell stock.
Shares in the world’s second-largest rice trader fell as much as 5.9 percent before trading 5 percent lower at S$1.44, set for the lowest close since April 1, 2009, as of 12:15 p.m. local time. Dee said Olam’s Temasek-backed debt and warrant sale announced this week is an expensive way to raise money.