Shares of Owens-Illinois (OI) surged 5.20% in Wednesday's trading session, outperforming the broader market. The glass container manufacturer's stock climbed higher amid news reports of a police investigation into alleged forgery of organizational documents by the former chief of a non-profit group associated with Indonesian singer Iwan Fals.
According to reports from Kompas.com, Rosanna Listanto, the former chairperson of the "Orang Indonesia" (OI) fan club organization, is being probed by authorities over suspicions that she forged official documents related to the legalization of OI. Listanto, who is Iwan Fals' wife, was questioned by police along with the singer himself.
While the case appears unrelated to Owens-Illinois' core business operations, investors may be viewing it as a positive sign of the company distancing itself from individuals facing legal troubles. The upswing in OI's stock suggests that the market is responding favorably to the company's efforts to maintain a clean reputation.
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