Olam Group faces a financial crisis amid stock price declines, despite Temasek Holdings’ majority stake, following legal turmoil involving its Nigerian subsidiary.
Singapore’s Olam Group witnessed a significant stock price drop after its Nigerian subsidiary posted a bond for its director, Prakash Kanth.
The controversy adds to ongoing investigations, raising questions about the company’s financial practices.
The company, majority-held by Temasek, recovered slightly to SG$1.05 by 3:37 pm, representing an 8.7% decline or SG$0.10.