KUALA LUMPUR: Most shareholders of Shell Refining Co (Federation of Malaya) Bhd (SRC) heeded independent adviser AmInvestment Bank’s advice to reject Malaysian Hengyuan International Ltd’s (MHIL) unconditional takeover offer of the refiner at RM1.92 per share.
In a filing with Bursa Malaysia, the petroleum product manufacturer said SRC managed to receive acceptances representing only 0.02% of SRC’s paid-up share capital as at 5pm on Jan 31, the closing date.
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