IOI Corp raises US$600mil

KUALA LUMPUR: IOI Corp Bhd said it raised US$600mil from a convertible bond, taking advantage of a global commodity boom and giving it a war chest for acquisitions.

IOI has since September 2004 raised about US$1.8bil selling dollar-denominated bonds, in a period when the price of Malaysian crude palm oil has more than doubled and the world looks to the edible oil as an alternative energy source.

IOI in November said it plans to acquire privately held firms and boost investments in the US and Indonesia. – Reuters