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Olam lifts trading halt, rejects assertions by Muddy Waters

Published on Nov 20, 2012 3:49 PM
 
File photo, sn investor monitors the stock market index on the electronic board at Raffles Place in Singapore. Mainboard-listed commodities trader Olam International lifted a seven-hour trading halt at 3.30pm today, with shares immediately falling about 10 per cent. -- ST PHOTO: ALAN LIM

Mainboard-listed commodities trader Olam International lifted a seven-hour trading halt at 3.30pm today, with shares immediately falling about 10 per cent.

It said in a Singapore Exchange filing that it had asked for the halt pending the release of a purported report by Muddy Waters Research, which was supposed to be out early today.

But "this release has yet to take place. The company is therefore requesting that the trading halt be lifted to allow investors to continue to trade in the company's securities," Olam said.

Olam said it "strongly rejects the assertions" made by Muddy Waters about possible accounting issues at the firm.

 
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