Olam CEO buys company's shares, ups stake to 4.67%

SINGAPORE - Singapore's Olam International Ltd said its chief executive officer Sunny Verghese had bought one million shares of the commodity trader at S$1.54 each.

Verghese bought the shares from the open market on Friday, raising his stake in Olam to 4.67 percent from 4.63 percent, the company said in a filing to the stock exchange. The shares were trading flat at S$1.56.

Olam, under attack by short-seller Muddy Waters for its aggressive spending, accounting practices and debt levels, said on Thursday that the company has sufficient cash and does not expect to tap the debt markets for at least five to six months.