Can-One launches takeover of Kian Joo at RM3.10 a share

Can-One International Bhd, which owns 66.61% of Kian Joo Can Factory Bhd, has launched a conditional mandatory take-over for the latter at RM3.10 a share.

KUALA LUMPUR: Can-One International Bhd, which owns 31% of Kian Joo Can Factory Bhd, has launched a conditional mandatory take-over for the latter at RM3.10 a share.

Can-One's current stake comprises of 295.87 million shares and this will see it making an offer for the remaining stake.

Kian Joo sai on Thursday a copy of the take-over notice would be posted to the minority shareholders within seven days.

UOB Kay Hian Securities (M) Sdn Bhd has been appointed to act as the independent adviser to advise the non-interested directors and the holders of the offer shares in respect of the fairness and reasonableness of the offer.

Kian Joo shares rose 10 sen to RM2.97 at midday before trading was suspended for the announcement at 12.06pm. Can-One rose two sen to RM2.60.