Rex Industry gets takeover offer at RM1.65 a share from MD

Rex's subsidiaries are involved in the manufacturing and distribution of canned food, frozen foods and drinks.

KUALA LUMPUR:  Penang-based Rex Industry Bhd, a major foods & beverages manufacturer, has received a conditional mandatory takeover offer from its major shareholder Daiman Taipan Sdn Bhd and its managing director Darmendran Kunaretnam.

Rex Industry said on Tuesday it had received the notice from the two parties about their intention to acquire all the remaining shares at RM1.65 per share after their combined stakes increased to 33.72%.