Can-One rises on completion of offer for Kian Joo shares

According to the stock exchange filing, the project will be close to retail amenities such as Sunway Giza, Sunway Nexis and Ikea Damansara as well as education institutions including Sri KDU and SEGi University, and Thomson Hospital.

KUALA LUMPUR: Can-One Bhd rose in early trade today following Tuesday's announcement that its RM3.10 offer for shares in Kian Joo Can Factory Bhd had ended and that it now held a 97.48% stake in the company.

In a Tuesday announcement, Can-One said it held at least nine-tenths of the value of Kian Joo shares and will compulsorily acquire any remaining offer shares.

At 9.43am, Can-One was up eight sen to RM3.29 on the back of 460,000 shares done.

"Accordingly, the Offeror will issue the Compulsory Acquisition Notice, which will be sent to all Dissenting Shareholders within 2 months from 26 April 2019," it said.

Can-One does not intend to maintain the listing status of Kian Joo, the trading of which will be suspended as at May 9, 2019. 

The group had launched a mandatory general offer in February as part of a takeover exercise it said was part of an expansion strategy to consolidate the can manufacturing business to grow its sales and customer base.