【Olam O32 交流专区】奥兰国际 OLAM INTERNATIONAL LIMITED

icy97

Olam says beverage unit volume fell 6% on coffee leaf rust
http://www.theedgesingapore.com/the-daily-edge/business/43913-olam-says-beverage-unit-volume-fell-6-on-coffee-leaf-rust-.html

Wed, 15 May 20:00  
Olam International, a trader of commodities, said sales volume in the confectionery and beverage division fell 6% in the nine months ended March 31 after an epidemic of coffee leaf rust in Central and South America.

Sales volume for the unit that includes coffee and cocoa declined to 1.19 million metric tons in the period from 1.266 million tons a year earlier, the Singapore-based company said in an earnings statement today. Coffee leaf rust is a disease that damages foliage and is spreading in coffee-producing countries from Mexico to Peru and cutting the region’s output.

Leaf rust is “affecting the coffee industry across Central and South America,” Olam said. “This impacted Olam’s coffee origination and shipment volumes and margins.”

Coffee leaf rust will cut Central America’s coffee output by 2.7 million tons in the 2012-13 season that started in October, the International Coffee Organization in London said in a report on May 13. More than 50% of the region’s growing areas have been affected, the ICO said. The disease may cost Central American nations US$500 million ($624 million), the group estimated.

An export tax on cocoa in Indonesia, the third biggest producer of the beans used to make chocolate, also “adversely impacted” sales volume and margins, according to the statement.

Indonesia imposed an export tax of 5% to 15% on cocoa in April 2010 in a bid to increase local bean- processing industry. Shipments from Indonesia’s Sulawesi fell to 5,905 tons in April from 8,662 tons in March, said Firman Bakri, executive secretary at Indonesian Cocoa Association.

icy97

奥兰国际的3Q13盈利增加10%
http://www.sharesinv.com/zh/articles/38842/

2013年05月16日
奥兰国际(Olam Int’l)报3Q13盈利增加10%。每股盈利从3Q12的0.0397元提高约9.3%至0.0434元。3Q13和9M13的收入分别提高11.5%和19.7%。表现提高主要由于主食和包装食品部门的收入贡献大增。9M13净利年比增加17%至3亿零508万元。公司的财务兼业务发展执行董事Shekhar表示，公司在3Q面对许多挑战，但其业绩显示它深具耐力。他补充道，虽然本季度的表现并不是特别卓越，但公司能在种种挑战中依旧专注于把业务搞好彰显了公司的业务模式坚韧，并能为客户增值。

启示：公司的净债务与股本比例为2.2倍，虽然比2.5倍的流动比例低，但还是处于FY16的2倍比例目标之上。公司于4月公布策略摘要，拟加快自由现金流入的速度，以减低负债和资本开支，从而简化业务。

icy97

印尼的耗糖量预计将上升3至4%
http://www.sharesinv.com/zh/articles/39219/

文： 汤森路透 （译：麦美莹） 2013年05月29日 汤森路透

一家制糖厂在星期二表示，印尼今年的耗糖量预计将会大幅增加4%，因为人口不断增长及对汽水、饼干及面包糕点的需求量提高。

虽然这个世界最大的原糖进口国预期2013年的海外采购量年比将下跌13%，但视乎饮食业的消耗量，预期下半年的进货量可能会增加。

新加坡商品公司奥兰国际(Olam International)的子公司Dharmapala Usaha Sukses的总裁Manoj Marar说，“印尼今年的消耗量大约为520万吨，比去年高出约3至4%。我们认为每年的消耗量大概会增加2至3%。”

Marar表示，这个估计是基于来自饮食业者的反映。Marar 在一个于新加坡举行的糖业大会上，在场外告诉记者，“饮食业者估计需要270万吨的用量，比前两年的220万吨来得高。”

Marar在爪哇的制糖厂年产量达25万吨，他说，“印尼可能会发出更多的入口执照。”

今个月初，为了填补国内的蔗糖供应不足，印尼发出进口24万吨的原糖许可证。

Marar表示， “我相信所有进口原糖已经被抢购一空，因为斋戒月即将到来(7月)，这些糖大部分是来自泰国。” 回教徒在斋戒月里，通常会在日落后共同进餐。

印尼拥有全球最多的回教徒，他在1930年代是世界第二大的糖出口国，但由于糖厂老旧、大部分糖厂属于小规模经营及进口糖比较便宜，令国内的出产受压。

去年9月，这个全球人口第四多的国家决定放弃在2014年之前，在白糖供应方面达到自给自足的目标，因为提高白糖产量的努力并不见效，主要是因为申请土地执照手续繁复、土地的竞争很大及投资不足。

icy97

Olam makes lowest offer in Bangladesh wheat tender, at $391.37 per tonne
http://www.theedgesingapore.com/the-daily-edge/business/44298-olam-makes-lowest-offer-in-bangladesh-wheat-tender-at-39137-per-tonne.html

Thu, 13 Jun 19:10  
Olam International made the lowest offer, of US$310.88 ($391.37) a tonne CIF liner out, in an international tender for 50,000 tonnes of wheat by Bangladesh's state grains buyer, an agency official said on Thursday.

Eight suppliers participated in the tender, reissued late last month by the agency.

The tender opened on Thursday and the offer has to be approved by the cabinet’s purchase committee, with the grain to be shipped within 40 days of signing the deal.

icy97

Name of Announcer *	OLAM INTERNATIONAL LIMITED
Company Registration No.	199504676H
Announcement submitted on behalf of	OLAM INTERNATIONAL LIMITED
Announcement is submitted with respect to *	OLAM INTERNATIONAL LIMITED
Announcement is submitted by *	Neelamani Muthukumar
Designation *	Senior Vice President, Head - Corporate Affairs
Date & Time of Broadcast	07-Aug-2013 17:29:42
Announcement No.	00100

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description	Olam International Limited (the Company) wishes to announce that the Company will be releasing its financial results for the full year ended 30 June 2013 on Thursday, 29 August 2013 after trading hours. The results will also be posted on the Companys website at www.olamonline.com.

icy97

奥兰国际的4Q13收入和盈利分别跌26.2%和48.1%
http://www.sharesinv.com/zh/articles/41251/

2013年08月30日
尽管收入仅下跌26.2%至56亿元，奥兰国际(Olam International)在截至今年6月30日的4Q13录得盈利大跌48.1%至5,680万元，由于提供5,060万元的所得税拨备(上一年则是取得820万元的退税净额)及市况充满挑战。FY13的收入及股东净利分别提高21.7%至208亿元和下跌2.2%至3亿6,260万元。必须留意的是，公司指出，它在近年来对税务偏高的领域作出投资，尽管这些投资有利可图。但公司大部份的业务都表现强劲。净杠杆比为1.93倍，3Q13则是2.2倍，FY12年底为1.81倍。

启示：公司的现金与现金等值物为13亿元，上一年为6亿零180万元。自由现金流从2012年的负6亿6,100万元改善至负3亿1,600万元。公司希望其自由现金流能从FY14起改为正数，它是在美国做空商浑水(Muddy Waters)于去年11月对它作出抨击后把这个目标提前一年。


Olam fourth-quarter profit falls 48% as tax charges surge
http://www.theedgesingapore.com/the-daily-edge/business/45291-olam-fourth-quarter-profit-falls-48-as-tax-charges-surge.html

Publish date: Fri, 30 Aug 18:00   
Olam International, the commodity trader backed by Singapore’s Temasek Holdings Pte, said fourth-quarter profit fell 48%, pressured by higher taxes and challenging market conditions.

Net income was $56.8 million in the three months ended June 30, compared with $109.5 million a year ago, Olam said yesterday in a statement. Revenue climbed 26% to $6.5 billion.

Olam is cutting spending and seeking to raise cash by selling assets following a business review this year after it was targeted by short-seller Carson Block. The world’s second- largest rice trader in April set aside its goal to reach profit of $1 billion by 2016 as it slows the pace of investments.

“We see this as a transition year and we are three months into our strategic plan implementation,” Chief Executive Officer Sunny Verghese said in the statement. “We remain focused on the twin goals of pursuing profitable growth and sustained cash flow generation.”

Olam closed 1.7% down at $1.435 in Singapore, its lowest since Dec. 17. The stock is down about 8% this year.

TAX CHARGES
Full-year profit slid 2.2% to $362.6 million, from $370.9 million a year earlier, Singapore-based Olam said. That compares with the $361.7 million average of 15 analyst estimates compiled by Bloomberg. Full-year sales advanced 22% to S$20.8 billion.

With full-year earnings “being weak and next quarter being Olam’s seasonally weak quarter, near-term catalysts might be in short supply,” Anubhav Gupta, UBS AG analyst, said in a note dated yesterday. “Executing the new strategy while delivering earnings growth remains key to a re-rating,” he said. UBS has the stock at Sell, with a 12-month target price of $1.33.

Olam booked $50.6 million of tax charges in the quarter, compared with net tax credit of $8.2 million a year earlier. Full-year tax charges rose to $105.1 million from $34.1 million a year ago, due to increased business from higher tax jurisdictions and one-time charges from selling a rice mill and almond orchards, the company said.

Earnings were also affected by “challenging” market conditions which emerged in the fourth quarter, Verghese said.

Olam’s coffee business was affected by an epidemic of coffee leaf rust in Central and South America, it said. Margins on cocoa, grains and palm trading were also lower from a year earlier. The company also said yesterday it purchased its first cocoa plantations by acquiring 95% of PT Sumber Daya Wahana in Indonesia.

thsy1127

请问OLAM这个被MUDDY评为“烂股”还能买进吗？？？？
时价1。43谢谢！

icy97

翱兰国际两董事卸任
http://www.sharesinv.com/zh/articles/42041/

2013年10月14日
翱兰国际(Olam International)在其第19届常年大会结束后宣布，其两位董事Tse Po Shing及Sridhar Krishnan将于2013年10月30日卸下职位。Sanjiv Misra将从2013年11月1日起接替上述二人在董事会的职位，即非执行董事兼独立董事。Sanjiv Misra是资产管理公司Apollo Management的亚太区顾问理事会主席，也是咨询和投资公司Phoenix Advisers的总裁。即将卸任的Tse Po Shing目前是公司的非执行兼独立董事，他也是公司的风险委员会的主席，并在公司董事会服务了约十年的时间。Sridhar Krishnan则是公司的执行董事，也是公司的风险委员会和企业责任与长期维持能力委员会的会员。他已为公司服务了约15年。

启示：这是公司董事会引入新人接班的行动之一，以确保公司能继续发展。董事会的更新计划包括在未来三年里，陆续让服务最长久的独立董事卸任，然后委任新的独立董事。每一任为三年，每一位董事可服务两任。

icy97

翱兰国际脱售及再租回杏仁果园
2013年11月14日
http://www.sharesinv.com/zh/articles/42654/

翱兰国际(Olam International)的澳洲子公司Olam Almonds Australia与Adveq Almond Trust签订了价值2亿澳元的脱售再租回协议。协议涉及脱售后再租回(18年期租约)公司位于澳洲维多利亚州、占地约1万2,000公顷的杏仁果园及相关的种植与灌溉设施。Adveq Almond Trust是由大型资产经理Adveq Real Assets Harvested Resources所拥有。后者所管理的资产总值50亿美元，并投资于世界各地的私募股权及有形资产基金。翱兰国际将依旧拥有89,084百万升水的永久水源权及4万公吨产能的杏仁加工厂(公司所建筑，并于今年3月投产)。预期上述交易将于1Q14完成。

启示：在完成交易后，公司将能从中实现投资价值，并提高投资回报，同时料将一次过录得约4,500万澳元的资本收益。


Olam agrees to sell Australian almond orchards for $232 mil
Source: Bloomberg   |   Publish date: Wed, 13 Nov 18:59
http://www.theedgesingapore.com/the-daily-edge/business/46309-olam-agrees-to-sell-australian-almond-orchards-for-232-mil.html

Olam International, the commodity supplier backed by Singapore’s Temasek Holdings Pte, said it agreed to sell and lease-back its almond orchards in Australia for A$200 million ($232 million) in cash.

Nearly 12,000 hectares (30,000 acres) of orchards will be sold to Adveq Almond Trust, owned by a group of investors led by Adveq Real Assets Harvested Resources LP, Singapore-based Olam said today in a statement. Under the agreement, Olam will lease- back the orchard land, trees, and infrastructure for 18 years, a deal which could be extended or renewed, it said.

Olam, which sells commodities from rice to cocoa, is executing on its plan to cut spending and sell assets, as part of a business review in April that followed allegations by short-seller Muddy Waters LLC questioning its finances. Executive Director Anantharaman Shekhar said in August that Olam is focusing on generating cash flow and reducing the pace of its investments.

“Though we will no longer own the land, trees or the farming infrastructure, we continue to retain the production economics of the entire almond harvest from these orchards,” Shekhar said in the statement.

Olam said it expects to book a gain after tax of about A$45 million when the transaction is completed in the first quarter of 2014. The company will continue to own water rights to the land, and its almond processing plant, it said. The company is due to report quarterly earnings tomorrow.

The company said in a Nov. 1 statement it sold its Dirranbandi cotton gin in Queensland to Cubbie Ginnery Pty for A$20 million, in line with a strategy to redeploy capital to higher growth areas.

Earlier this year, the company sold its basmati rice mill in India for US$14.5 million. It also said in February it sold, and leased back, almond orchards in California, which boosted second-quarter profit by $18.1 million.

icy97

Olam's 1Q profit rises 5.7% as cash flow improves
Source: Bloomberg   |   Publish date: Thu, 14 Nov 18:38  
http://www.theedgesingapore.com/the-daily-edge/business/46327-olams-1q-profit-rises-57-as-cash-flow-improves.html

Olam International, the commodity supplier backed by Singapore’s Temasek Holdings Pte, said first-quarter profit gained 5.7% as it targets positive free cash flow this year.

Net income was $45.6 million in the three months ended Sept. 30, compared with $43.2 million a year earlier, Singapore-based Olam said today in a statement. Sales declined 7.9% to $4.3 billion due to lower commodity prices, it said.

Olam, which sells commodities from rice to cocoa, is cutting spending and selling assets as part of a business review in April that followed allegations by short-seller Muddy Waters LLC questioning its finances. The company announced yesterday an agreement to sell and lease back almond orchards in Australia for A$200 million ($233 million) to improve cash flow and return on capital.

“We are particularly pleased with the improvement in free cash flow generation in this quarter, which is a priority for us,” Chief Executive Officer Sunny Verghese said in the statement.

Olam’s free cash flow swung to $46 million in the quarter, from a negative $706.8 million in the year-ago period, setting the expectation it would remain positive for the full year, the company said. Olam also cut fixed capital investment to $159.5 milllion from $211.2 million.

The shares advanced 1.7% to $1.495 at the Singapore close, before the results announcement.

Olam’s sales volume for foodstuffs fell slightly from a year earlier, led by a 2.7% decrease in its biggest unit, food staples and packaged foods, which includes rice and grains. While its cocoa and coffee unit sold slightly more on the year, revenue slide 27% after a steep decline in coffee prices. The edible nuts, spices and beans unit recorded 8.7% growth in volumes and 30% growth in revenue.

icy97

文： 2014年02月14日 每日头条
http://www.sharesinv.com/zh/articles/44762/

翱兰国际(Olam International)在截至2013年12月31日的2Q14录得收入下跌8%至45亿元，由于工业原料需求下降。净利下跌13.9%至1亿3,490万元。六个月的收入及净利分别减少7.9%至88亿元及8.5%至1亿8,050万元。

Olam's 2Q profit falls 13% as sales volumes fell
Source: Bloomberg   |   Publish date: Fri, 14 Feb 08:52
http://www.theedgesingapore.com/the-daily-edge/business/47260-olams-2q-profit-falls-13-as-sales-volumes-fell.html

Olam International, a trader of agricultural commodities, said second-quarter profit declined 13% amid an increase in expenses and a drop in sales volumes.

Net income was $134.9 million in the three months ended Dec. 31, compared with $154.1 million a year earlier, Singapore-based Olam said today in a statement. Sales dropped 8% to $4.5 billion.

Olam, one of the world’s top three coffee and rice traders, is cutting spending and selling assets to address investor concern about cash flow after short-seller Carson Block questioned the company’s finances. Olam announced three disposals in the quarter, including almond orchards in Australia and a stake in a dairy company.

“We are encouraged by the overall performance in this first year following the announcement of our revised strategic plan,” Executive Director Anantharaman Shekhar said in the statement today.

The stock was unchanged at $1.535 at the close yesterday. The results were announced today before trading started.

Sales volumes fell 9.8% in the quarter, Olam said in the statement today.

Olam sees rebound in coffee prices after profits drop
Source: Bloomberg   |   Publish date: Fri, 14 Feb 16:01
http://www.theedgesingapore.com/the-daily-edge/business/47264-olam-sees-rebound-in-coffee-prices-after-profits-drop.html

Commodities trading firm Olam International posted a 12.5%drop in second-quarter profit on weaker sales and commodity prices, but said a rebound in coffee prices would boost the sector’s performance for the rest of the year.

The Singapore-based firm, a leading global coffee supplier, said its coffee business was impacted by weaker prices, which slumped to multi-year lows last November.

Sunny Verghese, managing director and chief executive officer, said he was bullish on arabica coffee prices but neutral on robusta prices.

“We are neutral on robusta prices largely on account of the fact that there’s a very large crop in Vietnam -- almost 28 million bags, which is our estimate,” Verghese told reporters.

Unusually dry weather in top producer Brazil, which mainly supplies arabica beans, could cut output in the next crop to an estimated 50 to 51 million bags from 57 to 60 million, he added.

“Structurally, we believe that the demand/supply fundamentals is now in favour of a firming market,” Verghese said, referring to the arabica market.

Benchmark New York arabica futures rallied to 9-month peak in early February on concerns over drought in Brazil, up from a more than four-year low hit in November when oversupply concerns weighed on prices.

Arabicas often influence the price of London robustas and typically trade at a premium to the hardier and more caffeine-rich beans, which are widely used in instant coffee. Vietnam is the top robusta producer.

London robusta futures rallied to a six-month high earlier this month, climbing from a more than three-year low in November.

HIGH DEPRECIATION
Olam’s profit after tax and minority interest (PATMI) for the Oct-Dec quarter dropped 12.5%to $134.9 million.

Revenue in the quarter fell 8%to $4.5 billion, affected by lower volume and softer commodity prices.

Its edible nuts, spices and vegetable ingredients, wheat milling, sugar refining, as well as dairy and cocoa supply chain businesses performed strongly, while upstream dairy and wood products performance were disappointing.

Olam said its volume for the 2014 financial year would be quite subdued, as it curbs activity in less attractive markets and restructures its cotton, wood, dairy, sugar businesses and commodity financial services.

“In all those businesses, there are some trade flows and volumes that we are deliberately giving up, because we feel that the bang for buck in terms of invested capital and working capital in the business to generate that volume is not attractive and we have better options,” said Verghese.

For the first half of the financial year, the company managed a 5.4%gain in earnings before interest, tax, depreciation and amortisation (EBITDA), a gauge of profitability excluding the effects of financing and accounting decisions. But a 31.8%jump in depreciation and amortisation charges pushed core profit down 8.5%.

The high depreciation and amortisation charges were caused by a S$1 billion expansion in invested fixed capital, about half of which was in food staples and packaged food segment on assets including grain mills, palm plantations and rice farms.

Olam came under attack from short-seller Muddy Waters in late 2012 for its accounting practices, only to be rescued by its top shareholder, Singapore’s sovereign investor Temasek Holdings (Private). A few months later, it set out to cut its capital spending and debt levels.

Net gearing at the six-month period stood at 2.06 times, creeping up from 1.93 times a quarter earlier, but lower than 2.21 times a year earlier.

The company posted a negative free cash flow of S$282.2 million, a deterioration from a positive free cash flow of S$46 million reported a quarter earlier, but said it remains on track to generate positive free cash flow for the financial year 2014.

Olam is among the top global suppliers of coffee and cotton, and a key player in the global player in the global cocoa market. It maintained its forecast of 185,000-tonne deficit for 2013/14 for the global cocoa market.

icy97

狮城奥兰国际接淡马锡收购献议

二零一四年三月十四日 晚上十一时九分
（新加坡14日讯）新加坡国营投资者淡马锡控股旗下单位，已献议向奥兰国际的小股东收购这家商品贸易公司全部股票，出价每股2.23新元（5.76令吉），把该公司评值约54亿4000万新元（140亿5000万令吉）。

淡马锡控股子公司Breedens投资，联手奥兰国际家族股份持股者、执行委员会成员、及淡马锡控股另一成员Arandda投资，已经控制奥兰国际约52.5%股票。

它在一项声明中指出：“Breedens投资希望提高其持股权，以支持奥兰国际的长期策略和成长计划。”

上述献议价相等于奥兰国际最后成交价的11.8%溢价。

奥兰国际曾于2012年杪遭做空机构浑水公司（Muddy Waters）对其会计实务作出攻击，尔后才获得淡马锡控股参与股本拯救。数月后，它削减了其资本开销和债务水平。【光华日报财经】


Temasek unit offers to buy Olam in $5.3 bil cash deal
Source: Bloomberg   |   Publish date: Fri, 14 Mar 18:42
http://www.theedgesingapore.com/the-daily-edge/business/47602-temasek-unit-offers-to-buy-olam-in-53-bil-cash-dea-update.html

A unit of Singapore’s state-owned investment company offered to take over Olam International in a deal that values one of the world’s top three coffee and rice traders at $5.3 billion.

The bid by Temasek Holdings Pte’s unit reflects growing interest in agricultural assets as rising global populations and emerging middle classes boost food demand. Breedens Investments is offering $2.23 cash per share, a 12% premium to Olam’s closing price of $1.995 before the bid.

The deal comes after China’s Cofco Corp. agreed last month to take control of Dutch grain trader Nidera BV, and as Noble Group is in talks to form a joint venture around its agriculture unit with Cofco. Temasek became Olam’s biggest shareholder after concerns raised by short-seller Carson Block in November 2012 caused the stock to plummet.

“Temasek is already a large holder of Olam so they probably know the business better than everybody else,” said Robert Aspin, the Singapore-based head of equity investment strategy at Standard Chartered Plc. “The fact that they are willing to pay a premium is indicative of the value that they see in the underlying business.”

Olam gained 12% to $2.23 in Singapore today, as it resumed trading after the stock was halted yesterday. Trading volume on March 12 was 16.2 million shares, or 3.6 times the average daily volume in the previous three months, according to data compiled by Bloomberg.

CHOCOLATE BARS, SOCKS
Little known to retail consumers, one of every eight chocolate bars eaten globally is made from beans handled by Olam, while the trader produces enough cotton to provide all the world with three pairs of socks each year. The quantity of rice it handles annually could feed all of Africa for a week.

Olam was established in 1989 in Nigeria by the Kewalram Chanrai Group, according to its website. It now supplies products from 16 platforms to 13,600 customers in 65 countries.

As part of the transaction, Breedens is also making an offer for Olam’s outstanding convertible bonds due 2016 and warrants, it said in a statement today.

The Temasek unit also has an agreement with a group including Kewalram Singapore, Olam’s founding family shareholder, and 10 Olam executives including Chief Executive Officer Sunny Verghese, to not tender their shares until six months after the offer closes, Breedens said in a statement. In total, they hold 52.5% of Olam stock.

Kewalram and three members of key management have agreed to sell a 5.6% stake in Olam in acceptance of the offer.

Credit Suisse Group AG, DBS Group Holdings, and United Overseas Bank advised Breedens.

SHARE RALLY
Olam, which also trades commodities from cotton to almonds, has rallied 30% this year in Singapore through to March 12, compared with a 2.2% decline in the benchmark Straits Times Index. The stock has gained for seven straight weeks amid a rise in farm commodity prices. The S&P GSCI Agricultural Index has advanced 13% this year, with price surges in coffee and cocoa.

Breedens doesn’t plan to make any major changes to Olam’s businesses or terminate employees. It also intends to keep Olam as a listed company, unless the minimum float requirements of 10% aren’t met.

“We believe a successful offer will provide Olam with a stronger and more stable shareholder base to support Olam’s strategy and business model for the long term,” Breedens Director David Heng said in the statement.

BLOCK'S BET
Block said in November 2012 he was betting against Olam because he questioned the trader’s accounting methods and asset purchases, pushing the stock to a more than three-year low in December 2012. Olam rejected the assertions by Block and his research firm Muddy Waters LLC.

Block today declined to comment.

“Olam has been oversold following the issues raised by Muddy Waters and has bounced back strongly as the company addressed those concerns,” Alan Richardson, a Hong Kong-based money manager at Samsung Asset Management, said by phone before the announcement.

As well as adding Olam shares after the Block allegations, Temasek also backed a US$750 million bond sale by the commodity trader. Olam said in December 2012 it planned to sell bonds and warrants to address any “lingering doubts” about its finances. The investment firm agreed at the time to buy any rights not taken up by other investors.

Temasek holds 24.6% of Olam through its units Breedens and Aranda Investments Pte, and the founding family has a 20.2% stake, making it the second-largest investor, according to today’s statement.

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翱兰国际的股东是否该以2.23元卖出股票？
文： Motley Fool Singapore 2014年03月14日 企业摘要
http://www.sharesinv.com/zh/articles/45396/

本文是由Motley Fool Singapore的Ser Jing Chong撰写

商品贸易商翱兰国际(Olam International)今天宣布，一组以Breeden投资(Breedens Investment)为首的投资者和股东提议以每股2.23元的价格收购其他股东的股票。Breeden也同时献购公司已发行的可转换债券和凭单。

翱兰国际的业务为采购、运输和分销各类农产品，如棉花、木材、咖啡、苛刻、油棕、白米和糖等等，买方提出的收购价比其昨天的1.995元闭市价高出11.3%。

Breedens是新加坡政府掌控的淡马锡控股(Temasek Holdings)属下的子公司。参与收购计划的其他买家包括Aranda投资(Aranda Investments)、创办翱兰国际的家族以及执行委员会。买方共持有翱兰国际52.5%的股份，其中Breedens和Aranda持有24.6%的股份。

买方提出收购献议，目的是“使公司拥有较具实力的长期投资者，以支持其中长期策略和发展计划”。

翱兰国际的其他股东可选择按收购价卖出所持有的全部或部分股票，或者不卖出。买方目前是打算让翱兰国际继续挂牌交易，但这要视交易完成后其股票的自由流通量而定。翱兰国际的投资者关系部门表示，截至2013年9月17日，公司股票的自由流通量为46.3%。

翱兰国际是海峡时报指数的30只成份股之一。

以1.995元的股价计算，翱兰国际的市值为47亿7,000万元。若这项交易使翱兰国际的自由流通量跌至15%以下，公司将不再是海指的成份股之一。

无论如何，对于股东而言，关键在于以翱兰国际的前景来看，其股票的价值是否超过2.23元。若他们认为股价不大可能上涨，那以2.23元的价格卖出所持有的股票，不失为一个好选择。然而，买方提出这项献议是为了有利于公司的业务发展，那公司在将来可能会变得更加有价值，以长远的角度来看，收购价可能低于其未来价值。

公司将在接下来的21天内将相关文件发给股东。股东将有至少28天的时间来考虑是否要接受买方的献议。

icy97

翱兰国际的股价因接获收购献议而上涨55%
企业摘要 | 2014年03月21日
http://www.sharesinv.com/zh/articles/45481/

文 : 彭博社 （译：伍丽芳）

新加坡商品交易商翱兰国际(Olam International)曾被做空投机者布洛克(Carson Block)评得一文不值，但该公司的价值在最近上升了不少。

在淡马锡控股(Temasek Holdings)的子公司Breedens投资(Breedens Investments)提出收购献议之后，翱兰的股价于3月14日上升12%至2.23元。由彭博社汇编的数据显示，这只股在5周前以1.44元交易，距离3月14日的2.23元共上涨了55%，这是其自2009年1月以来的最大升幅。

在布洛克对翱兰的股价于收购献议提出之前就激增表示疑惑的同时，该股的股价在咖啡价格提高下上升，翱兰是买卖咖啡的3大全球交易商之一。创办浑水机构(Muddy Waters) 的布洛克赞扬翱兰的管理层针对他在2012年11月提及的一些缺点作出改善。

布洛克在3月14发给彭博新闻社的电邮中写道：“由于翱兰采取措施解决我们所提出的一些问题，它应当获得嘉奖。新加坡主权财富基金淡马锡控股提出收购献议的时机十分有意思，因为翱兰有价值12亿美元的债务将于今年到期，而且其资本开支仍在增加中。此外，这只股过去一个月的表现意外地比大市佳。”

虽然布洛克最常给予翱兰评价，但他没有透露其对翱兰所采取的沽空策略是否有利可图。自从他在2012年11月表示沽空翱兰之后，翱兰的股价先下跌了多达20%，然后上涨多达28%。

布洛克的沽空目标
布洛克自2010年6月开始发表其研究报告便沽空股票，其沽空目标至少有10只股，翱兰是其中之一。布洛克因沽空亚洲股票而得名，在他研究的首5家公司中，监管机构就暂停了其中4家公司的股票交易。他对一家在加拿大上市的中国种植企业嘉汉林业国际所作出的欺诈指控，导致后者申请破产保护。

纽约Albert Fried & Company特別情势和并购套利策略師夏哈(Sachin Shah)通过电话表示：“翱兰的股价上涨基本上推翻了布洛克的沽空论点，但却不清楚他是否正在亏钱。由于翱兰的次季业绩良好、基本面进步，以及有关收购的消息可能遭泄漏，这只股因而获得支撑。”

依彭博社的资料来看，翱兰上周的5天平均每日交易量为1,270万股，是几乎一年的最高水平。咖啡期货在这期间升高了近2%，其过去一年的升幅为42%。

亚洲最大的商品交易商来宝集团(Noble Group, 以销售额计算) 在2月4日至3月11日间上升了19%。

股价涨升合理
给予翱兰“买入”评级的野村证券(Nomura Holdings)驻香港分析师Tanuj Shori指出，鉴于翱兰的前景，其股价上升实属合理。

彭博社的数据显示，翱兰上一季的息税折旧及摊销前盈利占销售额的比例从去年同期的5.9%提高至7.3%。

Shori在电话中说：“翱兰的业绩十分强劲，商品价格也一直在升高。翱兰的股价因此肯定会上涨。翱兰正取得增长，尤其是利润率。”

新加坡交易所于3月16日发布的文告中指出，在2月有13名分析师发表关于翱兰的研究报告，其中7名调高他们的目标价，上调幅度平均为10.4%。

新交所补充，翱兰与来宝及丰益国际(Wilmar International)股票的交易“在研究报告中设定的价格范围内，显示这些股票的走势符合大市的观点，翱兰的股价反映出市场更看好该股。”

翱兰拒绝置评，并说它只透过董事局批准的文告发表关于收购献议的声明。淡马锡控股的发言人Jeffrey Fang亦不愿发表言论。

价值回升
在宣布收购献议之前，翱兰的股价是以12倍的12个月预估盈利交易，这与13倍的基准水平相近。在布洛克宣布将沽空翱兰的股票后，翱兰的本益比于2012年12月跌至7.8倍低位。

继香港的文化中国传播集团(ChinaVision Media Group)和澳洲的莱顿控股(Leighton Holdings)之后，翱兰也在本月宣布接获收购献议，令其股价攀升。翱兰是新加坡海指(STI)中，被沽空最多的股票。

布洛克于2012年11月在伦敦举行的投资者会议上宣布，它正沽空翱兰。其公司浑水机构自2011年开始因不看好在美国上市的中国企业并沽空它们的股票而名声鹊起，浑水在2012年11月发布了一份共133页的报告，指翱兰“可能会破产”。

‘财务状况令人怀疑’
一直以来，翱兰都表示布洛克的说法是错误的。除了增持翱兰的股票外，淡马锡控股也支持翱兰价值7亿5,000万美元的售债计划。翱兰在2012年12月表示计划发售债券和凭单来解决其任何财务困难。淡马锡控股当时同意买下未被其他投资者吸纳的权益。

根据彭博社的资料，翱兰仍有约74亿元的债券和贷款未清，其中大约总值12亿元的债务将于今年底到期，另外约24亿元的债务则将在2017年以前到期。

Markit集团的数据显示，翱兰的卖空股份从1月24日的10%上升至3月12日的11.2%(按公众持股量计算)，这在30只海指成份股当中位居榜首。资料指出，翱兰于2012年11月的卖空股份占其公众持股量的19.9%，达到了巅峰，当时浑水表示它正沽空翱兰。

Jefferies Singapore 的股票分析师Abhijit Attavar在一份报告中说：“卖空者可能会在补仓的时候面临逼空风险。”


Muddy Waters' Block gives Olam credit for fixing some issues
Source: Bloomberg   |   Publish date: Sun, 16 Mar 12:09  
http://www.theedgesingapore.com/the-daily-edge/business/47603-muddy-waters-block-gives-olam-credit-for-fixing-some-issues.html

Olam International deserves praise for addressing some of the shortcomings in its business, according to Carson Block, who two years ago said the shares were worthless.

The Singapore-based commodity trader saw its stock rise 12% on Friday after a unit of the nation’s state-owned investment company offered to buy it in a deal that values Olam at $5.3 billion. In November 2012, short-seller Block compared the company to failed American energy merchant Enron Corp., saying it would probably fail.

“Olam gets credit for taking steps to mitigate some of the issues we identified,” Block wrote in an e-mail to Bloomberg News today. “The Singapore sovereign wealth fund’s timing is interesting given that Olam has $1.2 billion of debt maturing this year and is still burning cash, and that the stock has inexplicably outperformed in the past month.”

Block, who founded Muddy Waters LLC, announced he was betting against Olam at an investor conference in London in November 2012. Since then, the stock is up 14% through March 12, aided by a gain of 35% since the start of February. During that stretch, Olam’s Singapore-traded equities have climbed on 18 of 26 days before being halted earlier today before news of the takeover offer was disclosed.

Block declined to say whether he is still short the stock.

Olam Rally
Buying Olam will give Breedens Investments Pte, a unit of Temasek, control of one of the world’s top three coffee and rice traders. Olam has been cutting spending and selling assets to address investor concern about cash flow. The stock, which closed as low as $1.395 after Block’s attack, reached a near 17-month high of $1.995 in Singapore on March 12 and climbed to $2.23 today in its biggest gain since 2009 as it resumed trading after the stock had been halted pending news.

Muddy Waters, which rose to prominence starting in 2011 with bearish research on Chinese companies trading in the US, issued a 133-page report on November 2012 saying Olam was “likely to fail.”

Block’s firm reiterated the view in a posting on its website on September 2013. Olam had invested in projects that would fail to generate large enough returns to pay back debt, it said. “In a world where capital is allocated to maximize economic efficiency, Olam’s shares have no value,” Muddy Waters wrote.

All along, the company has said Block was wrong.

“This whole bogey of trying to say that we have some kind of liquidity crisis cannot be corroborated,” Chief Executive Officer Sunny Verghese said Nov. 28, 2012, at a press briefing in Singapore. “I just can’t understand” how Muddy Waters could suggest the company may fail, he said.

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SGX says Olam's 34.8% rise in share price over six-week period noted
Source: The Edge   |   Publish date: Sun, 16 Mar 12:14   
http://www.theedgesingapore.com/the-daily-edge/business/47604-sgx-says-olams-348-rise-in-share-price-over-six-week-period-noted.html

SGX says it is aware of media commentaries on Olam’s share price increase over a six-week period prior to a general offer announced by Breedens Investments, an indirect wholly owned subsidiary of Temasek (Holdings), on Mar 14 for all of Olam shares at $2.23 a share.

In the six weeks from 3 Feb 2014, market commentaries had noted Olam’s share price increased 34.8%, higher than those of its peers such as Wilmar International which rose 11.2% and Noble Group which rose 12.6% over the same period, says the SGX. During the period, the Straits Times Index rose 2.3%.

“While we do not prescribe a view of value or pricing of stocks, we note that of the 13 analysts who issued reports on Olam in February 2014, seven raised their target price by an average of 10.4% with the highest increase being 21.4%. The 13 analysts had target prices of $1.50 to $2.00 for Olam. In the case of Wilmar, eight analysts raised their target price by an average of 2.6% with the highest increase being 4.8%. For Noble, one analyst raised the target price in February. Trading in these three stocks were within the price ranges set out in the research reports, suggesting they were trading within the general market view of these stocks with Olam shares reflecting a more positive market view,” says SGX.

“It is important to stress the responsibilities placed on potential offerors and/or listed companies when they are in confidential discussions that may lead to a potential takeover offer. Under the Singapore Code of Takeovers and Mergers, potential offerors and listed companies should monitor trading activities in their stocks closely and make immediate announcements if there appears to be a leak of information on the possible offer which is material,” the regulator adds.

Under SGX’s listing rules, listed companies may temporarily withhold material information relating to a matter under negotiation. However, companies should make an immediate announcement of the yet-to-be disclosed material information or call an immediate trading halt if market activities suggest that the requirement of strictest confidentiality is no longer satisfied.

From Mar 3, listed companies are also required to notify SGX on a confidential basis if they are in discussions which are likely to lead to a takeover. We do not discuss our dealings with regards to individual companies including notifications as required under the listing rules. If there are possible breaches of rules or requirements, we will investigate and take appropriate action.

SGX says it take a serious view of all market misconduct in breach of the Securities and Futures Act, including potential insider trading and manipulation activities. “We will spare no effort in conducting investigations on possible transgressions and will cooperate with regulatory agencies to enforce the law against offenders. We will continue to conduct robust real-time surveillance and work closely with statutory agencies to uphold a fair, orderly and transparent market,” SGX reminds listed companies.

icy97

Sime Darby has sought to join Temasek in Olam bid, say sources
Source: Reuters   |   Publish date: Thu, 20 Mar 09:45  
http://www.theedgesingapore.com/the-daily-edge/business/47682-sime-darby-has-sought-to-join-temasek-in-olam-bid-say-sources.html

The largest public palm oil producer in the world might still be keen to dip its finger in the Olam pie.

Sime Darby has approached Temasek Holdings for a place in the consortium that made an offer for the shares of Olam International that it does not yet own, sources said.

The group had been holding internal discussions to make an offer for Olam shares prior to Temasek’s surprise announcement last Friday, they said.

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Temasek unit's offer for Olam is credit negative, Moody's says
Source: Bloomberg   |   Publish date: Mon, 17 Mar 13:34  
http://www.theedgesingapore.com/the-daily-edge/business/47612-temasek-units-offer-for-olam-is-credit-negative-moodys-says-.html

The offer by Temasek Holdings Pte’s unit to take over Olam International is credit negative for the Singapore state-owned investment company, according to Moody’s Investors Service.

The acquisition, which values one of the world’s top three coffee and rice traders at $5.3 billion, will put pressure on Temasek’s “portfolio liquidity,” Moody’s, which rates the investment firm at Aaa, said in a March 17 report. Olam’s 2% dividend yield in 2013 is also lower than Temasek’s return of about 3%, it said.

“Bringing a new company under the Singapore umbrella negatively pressures portfolio liquidity,” Alan Greene, a senior credit officer at Moody’s, said in the report, which estimates 65% of Temasek’s $215 billion investments are in Singapore dollars.

The bid by Temasek’s unit reflects growing interest in agricultural assets as rising global populations and emerging middle classes boost food demand. Breedens Investments Pte offered $2.23 cash per share, a 12% premium to Olam’s closing price of $1.995 before the bid was announced on March 14.

Temasek, which owns 24.6% of Olam according to Moody’s, is the company’s biggest shareholder. It increased its stake after concerns raised by short-seller Carson Block in November 2012 caused the stock to plummet.

Temasek is the largest investor in four of Singapore’s 10 biggest publicly traded companies, including Singapore Telecommunications and DBS Group Holdings.

“The high concentration of investment in Singapore-listed companies and the large size of each shareholding reduce portfolio liquidity,” Greene said. “This feature is markedly different from the typical, more broadly spread sovereign wealth funds that can adjust their holdings rapidly without moving markets or requiring placements or trade buyers to effect disposals.”


Temasek shows it's more committed than peers with Olam offer
Source: Bloomberg   |   Publish date: Tue, 18 Mar 10:00  
http://www.theedgesingapore.com/the-daily-edge/business/47654-temasek-shows-its-more-committed-than-peers-with-olam-offer-.html

Temasek Holdings unit’s offer to take over Olam International shows Singapore’s investment firm is more active compared with other state-owned investors, according to the Sovereign Investment Lab.

Breedens Investments on March 14 said it proposed to purchase Olam in a deal that values one of the world’s top three coffee and rice traders at $5.3 billion. Breedens is offering $2.23 cash per share, a 12% premium to Olam’s closing price of $1.995 before the bid.

Temasek, which defines itself as “an active investor and shareholder,” owns equity stakes of 10% or more in at least 35 listed companies, while China Investment Corp. only has three similar-sized holdings, according to data compiled by Bloomberg. Norway’s state fund, the world’s biggest, is banned from owning more than 10%, according to its website, and Korea Investment Corp. doesn’t own stakes of more than 1% in major listed companies, according to Bloomberg-compiled data.

“When Temasek gets in, they go for control,” said Bernardo Bortolotti, director at the Sovereign Investment Lab at Bocconi University in Milan, which researches and publishes annual reports on state funds. “This is a very rare strategy in the space of state investors. Most funds are reluctant to play this role.”

Jeffrey Fang, a spokesman for Temasek, declined to comment.

Temasek, which owns 24% of Olam according to data compiled by Bloomberg, is the company’s biggest shareholder. It increased its stake after concerns raised by short-seller Carson Block in November 2012 caused the stock to plummet.

‘HIGHLY UNUSUAL’
“It is highly unusual for investment companies to seek full control of a business,” Alan Greene, a senior credit officer at Moody’s Investors Service wrote in a note yesterday.

Greene added that the offer is credit negative for the investment firm, citing a high concentration of investment in Singapore-listed companies and the large size of each shareholding that reduces portfolio liquidity.

“Temasek has poured an awful lot of money into Olam,” said Victoria Barbary, director at London-based Institutional Investor’s Sovereign Wealth Center, a provider of research and data on sovereign investors. “I think they have been quite active on the board as well. They clearly think the company has good fundamentals.”

Olam’s case isn’t the first time Temasek has taken an active role in companies it has invested in.

icy97

Olam CEO sees more consolidation in commodities sector
Source: Reuters   |   Publish date: Thu, 3 Apr 15:19
http://www.theedgesingapore.com/the-daily-edge/business/47850-olam-ceo-sees-more-consolidation-in-commodities-sector.html

The global commodities industry is set to see further consolidation, with the metals sector ripe for acquisitions after a fall in prices, the chief executive of Olam International Ltd told Reuters.

The industry has seen a string of recent acquisitions, as investors look for bargains after slowing demand in countries like China and India pushed down prices.

China's largest grain trader COFCO Corp agreed to pay US$1.5 billion ($1.9 billion) to buy a 51% stake in Noble Group's agribusiness, the firms said on Wednesday. The news came just days after Cargill and Brazil's Copersucar announced plans last week to create the world's biggest sugar trader through a 50-50 joint venture.

Last month, a group led by Singapore state investor Temasek Holdings offered to pay US$2.1 billion for the remaining shares of Olam that they did not already own.

"Consolidation in the soft commodities space has been a trend for some time and it will continue to remain a trend," Olam CEO Sunny Verghese said on the sidelines of a conference.

"It is an attractive sector with good returns in the long term, and there is a race intensifying for resources," he said, adding that metals could be next to see more consolidation.

While some of the big commodities firms are cutting capital expenditure, several funds may feel that now is a good time to acquire metal assets on expectation prices will pick up, Mr Verghese said.

US private equity firm Carlyle Group, along with other investors, agreed last month to acquire a majority stake in metals trader Traxys Group, even as large banks are scaling back on physical commodities trading amid increasing government scrutiny and dwindling margins.

However, investing in the commodities industry may require some patience partly due to the long gestation of assets such as palm and coffee, and sovereign wealth funds may fit the bill due to their longer-term horizons, Mr Verghese said.

"A lot of the sovereign wealth funds are long term in terms of their investment and holding period. So they have become more natural investors to this asset class, than the traditional capital market players."

icy97

每日头条 | 2014年05月15日
http://www.sharesinv.com/zh/articles/46876/

翱兰国际(Olam International)在截至2014年3月31日的第三季度录得收入微增2.5%至48亿元，由于糕饼与饮料配料及主食与包装食品两个部门的贡献提高。在联号公司之一的投资在账目中改为待售金融资产，因而确认2亿7,100万元的特殊收益。盈利因而激增265.1%至3亿9,610万元。


Olam third-quarter net more than triples on valuation gain
Source: Bloomberg   |   Publish date: Thu, 15 May 13:28
http://www.theedgesingapore.com/the-daily-edge/business/48351-olam-third-quarter-net-more-than-triples-on-valuation-gain-update.html

Olam International, the Singapore commodity trader being taken over by the city’s state investment company, said third-quarter profit more than tripled largely on a gain from the revaluation of its holding in a Malaysian maker of natural sweeteners.

Net income was $396.1 million in the three months ended March 31, compared with $108.5 million a year earlier, Olam said today in a statement. Operating profit after tax and minority interest fell 16 %to $102.2 million.

Profit was boosted by a $271 million gain from the revaluation of Olam’s 18.5 %stake in PureCircle. PureCircle was re-classified as an available-for-sale asset after Olam Chief Executive Officer Sunny Verghese resigned from PureCircle’s board. Olam has no plan to sell its stake, Verghese said today.

The results were “in line with estimates,” Tanuj Shori, an analyst with Nomura Holdings Inc. in Hong Kong, said in a note today. “We continue to like its long-term structural story.”

Breedens Investments, a unit of Temasek Holdings, is leading a $5.3 billion offer for Olam, one of the world’s top three coffee and rice traders, as agricultural assets attract bidders seeking exposure to rising global food demand. The acquisition would draw a line under 2012’s short-seller attack on Olam by Muddy Waters LLC, which questioned its finances and caused its stock to plummet.

Olam’s shares have since recovered from a December 2012 low of $1.395 and were little changed as at $2.23 at 12:39 p.m. in Singapore.

icy97

三菱斥15.3億新元‧入股新加坡奧蘭國際
2015-08-28 15:18   
http://biz.sinchew.com.my/node/121766?tid=7
  
（新加坡28日訊）日本的三菱（Mitsubishi）將投資15.3億新元，入股新加坡原料及加工農產品國際整合供應商奧蘭國際（Olam International Ltd），並評估在日本市場分銷奧蘭國際產品的合作可能。

奧蘭國際以每股2.75新元的價格，出售數量3億3273萬新股給三菱，相當於擴大後股本的12%，籌集9億1500萬新元的資金。這個發售價比過去一年的加權平均價高出29.3%，並超越過去一年的最高收市價格。

此外，三菱還將向Kewalram Chanrai Group購買數量2億2200萬奧蘭國際股票。這兩項交易完成後，三菱持有20%的股權，成為第二大股東。目前，淡馬錫仍然是奧蘭國際的大股東，持51.4%股權。（星洲日報／財經）