Singapore Stock Market News
Olam International - Attractive at Current Levels'
StockFanatic
Publish date: Tue, 19 Jun 2012, 10:39 AM
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Since closing at a three year low of $1.53 the start of this month, commodity supplier Olam International has quickly turned things around, rebounding 23% in just two weeks. The swift bounce has come on the back of a series of announcements, from acquisitions to share buybacks.
Its latest acquisition was announced last Thursday on June 7: Kayass Enterprises, a mid/downstream diary and juice beverage business in Nigeria for US$66.5m. (Read Announcement and Analyst Presentation)
To this, Macquarie Equities Research (MER) released a note on the same day, commenting that they felt marginally positive about the deal, given Olam's familiarity in this space.
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