ON Thursday, Can-One Bhd informed Bursa Malaysia that it had triggered the mandatory general offer (MGO) for Kian Joo Can Factory Bhd (KJCF) after it acquired an additional 0.49% in its associate for RM3.10 per share, thus increasing its stake to 33.39% from 32.9%.

In a separate filing, the Securities Commission said it had imposed sanctions on Can-One’s fourth-largest shareholder, Yeoh Jin Hoe, and his parties acting in concert (PACs) for failing to launch an MGO to acquire the remaining shares in KJCF after their collective shareholding increased above the 33% threshold.

The sanctions imposed include being reprimanded, being fined a penalty of RM455,000 and having their aggregate number of voting rights that may be exercised in KJCF being restricted to 33%.

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