The Linde Group has raised its offer to buy the remaining shares it doesn't own in Malaysian Oxygen Bhd. by 13 percent.

This new bid values the company at 2.4bn ringgit ($694 million), an increase to 17 ringgit a share from 15 ringgit. Its adviser CIMB Investment Bank Bhd. announced the increased bid in a statement to the stock exchange in Kuala Lumpur today.

Linde had announced the earlier bid after acquiring a 22.5 percent stake in the Selangor-based company from Air Liquide, giving Linde a 45 percent share. Some investors (including share holder Aberdeen Management)had said the earlier bid was too low.