Can-One plans to raise stake in Kian Joo Can
PETALING JAYA: Can-One Bhd is proposing to acquire 2.167 million shares or a 0.49% interest in Kian Joo Can Factory Bhd (KJCFB) from Tan Kim Seng for RM6.71mil or RM3.10 per KJCFB share in cash.
This will increase Can-One’s shareholding in KJCFB to 33.39% from 32.90%, obliging it to extend a mandatory general offer (MGO) for all the remaining KJCFB shares not already owned by Can-One and its parties acting in concert for RM3.10 per KJCFB share.
Should this deal go through, it would enable the enlarged Can-One group to increase its market share in the can manufacturing business, thereby creating a major Malaysian can manufacturing player.
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