MIDF Research is negative on Can-One's mandatory general offer (MGO) for Kian Joo Can Factory Bhd (KJCF) as the price will be too steep and impact its gearing.
PETALING JAYA: The saga between Can-One Bhd
and Kian Joo Can Factory Bhd (KJCF) is now coming to an end after the former obtained a 95.88% control of shares in the latter.In a filing with Bursa Malaysia yesterday, Can-One International, a unit of Can One holds 425.88 million shares or a 95.88% stake in Kian Joo.
This allows Can-One to force a compulsory acquisition of all shares in Kian Joo held by dissenting shareholders.
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