The Straits Times
Published on Dec 11, 2012

Olam's top shareholder Kewalram Singapore backs rights issue


Olam International's biggest shareholder has backed the company's proposed US$1.25 billion (S$1.5 billion) rights issue of bonds and warrants.

Kewalram Singapore, which owns 20 per cent of Olam, announced in an e-mail statement on Monday that it fully supported the commodities trader's offering.

It said it believed Olam's proposed rights issue was "in the best interest of the company, and is an attractive investment opportunity for all shareholders, as well as being beneficial to the bondholders".

"We intend to participate in the proposed rights issue."