Wilmar International's stock surged 5.90% during intraday trading on Friday, as the company responded to allegations of manipulating palm oil export values.

The agricultural giant issued a statement clarifying that it has not received official notification from the government regarding investigations into alleged under-invoicing and transfer pricing practices for crude palm oil exports. Wilmar emphasized that it is cooperating with relevant authorities to address their concerns and will provide updates to the market as appropriate.

This response appears to have reassured investors who were concerned about potential regulatory actions against the company following allegations that it was among 10 major palm oil firms suspected of export value manipulation.