Can-One to buy 32.9pc of Kian Joo
Filed Under (Business News) by Webmaster on 24-02-2009
Tagged Under : Anthony See Teow Guan, Can-One, Kian Joo, KPMG Corporate, See Teow Chuan
TIN can manufacturer Can-One Bhd (5105) will finally buy a third of its rival Kian Joo Can Factory Bhd for RM241.12 million, after making its first bid 18 months ago.
Can-One said the liquidators of Kian Joo Holdings Sdn Bhd accepted the conditional offer made by the former’s subsidiary to acquire 146.13 million shares of Kian Joo Can yesterday.
“The shares of 25 sen each in Kian Joo Can represents 32.9 per cent of its entire issued and paid-up share capital and will be purchased at RM1.65 per share,” Can-One said in a statement to Bursa Malaysia yesterday.
Can-One International Sdn Bhd, the acquirer, has paid a RM5 million deposit to Kian Joo Holdings in relation to this acquisition.
The share purchase was up for sale via tender by Kian Joo Holdings’ liquidators, KPMG Corporate Services Sdn Bhd.
In 2007, Business Times reported that the auction would probably end a long-drawn family tussle, in which the stake up for sale was held by 23 members of the See family.
The tussle was between two factions of the family members. One was led by Datuk Anthony See Teow Guan and the other by his older brother, managing director Datuk See Teow Chuan.
It was reported that Teow Chuan wanted the shares to be sold, while Teow Guan wanted them to be distributed among family members.
Kian Joo manufactures and distributes tin cans.
The acquisition is still subject to the approvals of the Securities Commission, the Ministry of International Trade and Industry and shareholders of Can-One. – BTimes
