Olam International, which has been battling short-seller Muddy Waters, said on Friday that Singapore state investor Temasek Holdings had raised its stake in the commodities firm to 19 percent from 18 percent.
Temasek has been building up its stake in Olam since Muddy Waters launched a scathing attack on the company's accounting, debt and investment strategy on Nov 19.
Temasek is backing Olam's $1.2 billion bonds-with-warrants issue, but critics including Muddy Waters and several analysts warned that Olam needs to shore up its weak cash position after piling up debt to finance expansion.