SC asked to clarify status of IOI offer for Palmco shares.

A PALMCO Holdings Bhd's minority shareholder has expressed dissatisfaction with the Securities Commission (SC) for its continued silence on the issue of whether the obligation to undertake a mandatory offer on the remaining Palmco shares by IOI Corp Bhd and Tan Sri Lee Shin Heng is still continuing.

In a letter to Business Times, Encik Abdul Rahman Ahmad said despite press coverage of this issue, no clarification was forthcoming to the public from the SC to confirm the exact situation of the mandatory offer obligation.

"I am fully aware that this matter is before the court, but the issue to be decided there is whether the SC has the power to enforce the …