Farouk sells his Impiana hotel business to Bio Osmo in RM426mil reverse takeover deal

KUALA LUMPUR: Datuk Seri Farouk Abdullah, who emerged as a substantial shareholder in Bio Osmo Bhd in April last year, is injecting his Impiana hotel business in Malaysia into the loss making company in a bid to turn it around.

The RM425.9mil reverse takeover deal will see Farouk’s stake in Bio Osmo rising above the 33% threshold that would require him to make a general offer to remaining shares in the company.