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IOI CORP Bhd, in an effort to retain management control of Palmco Holdings Bhd, has raised its general offer price for all Palmco shares and warrants to RM4.60 and RM1.60, respectively.
This matches rival Sime Darby Bhd's offer for the oleochemical manufacturer.
IOI Corp yesterday purchased 1.55 million Palmco shares at an average price of RM4.60 each on the open market, requiring it to revise upwards its general offer price from the previous RM4.35 for each share and RM1.35 for each warrant.
The company said in a statement to the Kuala Lumpur Stock Exchange (KLSE) that it paid a total of RM7.1 million for the 1.55 million Palmco shares and its …