[SINGAPORE] Olam International surged by the most in six years in
Singapore before the commodity trading company halted its shares from
trade.
Olam, controlled by Singapore's state-investment company, requested
the halt pending an announcement, it said on Thursday in a statement
without further detail. Spokeswoman Chow Hung Hoeng couldn't immediately
be reached for comment.
The company, which began with cashew operations in Nigeria in 1989,
has grown into one of the world's top re-sellers of nuts while branching
out into coffee, cocoa, rice and cotton. It now grows, processes and
trades 44 commodities in 65 countries, and said this month it expects to
close its biggest deal to date, a US$1.3 billion acquisition of
Archer-Daniels-Midland's cocoa unit by the end of the year.
Olam rose 13 per cent to S$1.91 before the halt, giving it a market
value of S$4.7 billion. A close at that price would make it the biggest
jump for the group since April 2009. The benchmark Straits Times Index
rose two per cent as of 11:50 a.m. local time as stocks rebounded a
two-week selloff.
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