Singapore shares were slightly lower, but Olam International Ltd outperformed the market after the commodities trader said it is raising capital through a bonds-with-warrants issue that is backed by state investor Temasek Holdings.
The Straits Times Index was down 0.2 percent at 3,059.35, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.3 percent lower.
Olam shares jumped as much as 8.6 percent to S$1.71, the highest in nearly two weeks. But the shares lost some of their earlier gains and at 0505 GMT were up 3.5 percent.
More than 65 million Olam shares were traded, 2.5 times the average full-day volume over the past 30 days.
Shares of Geo Energy Resources Ltd surged as much as 29 percent after the company said it had appointed investor Jim Rogers, who is known for his bullish views on commodities, as its non-executive director.
Geo Energy's coal mining operations are mainly located in Indonesia. It was the second-highest traded stock by volume in Singapore, with more than 94 million shares traded on Tuesday.
1307 (0507 GMT)