Singapore's Olam International Requests Trading Halt

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Olam's CEO Sunny Verghese

Singapore commodity trader Olam International requested on Monday a trading halt in its shares for one day pending the release of an announcement.

"Olam is expecting to announce an initiative led by the company involving its shareholders," it said in a statement.

Olam plans to make the announcement before the market starts trading on Tuesday. The commodity trader has faced attacks by short-seller Muddy Waters for its aggressive spending and debt levels, but has defended its practices in a detailed report.