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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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      "text": "It is this strategy, coupled with expanded trading, that has driven what we believe is essentially a modestly profitable (at a smaller scale) trading business to take on crushing debt levels and, in our opinion, destroy substantial amounts of investor funds.",
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      "text": "In 2008 Olam began aggressively implementing an M&A based growth strategy... It is this strategy, coupled with expanded trading, that has driven what we believe is essentially a modestly profitable trading business to take on crushing debt levels.",
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      "text": "From its early days, Olam generated additional margin by frequently sourcing from the farm gate... The financial crisis has also negatively impacted agri commodity traders, causing them to often tie up more capital in return for lower profits than before.",
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      "text": "Olam is an agri commodity trader that has moved into production, processing, and distribution in recent years. It started in 1989 in Nigeria as part of an Indian conglomerate, the Kewalram Chanrai Group (“KC”).",
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      "text": "Muddy Waters spent approximately three months researching Olam full-time. Our team includes experts in forensic accounting, law, investigations, production, international trade, and finance.",
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      "text": "Olam then expanded into exporting Nigerian agri commodities... In 1995, Olam moved its headquarters from London to Singapore. It IPOed in Singapore in 2005. At the end of the quarter prior to its IPO, its tangible fixed assets were only S$26.6 million.",
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      "text": "20 Olam IPO prospectus",
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