KUALA LUMPUR (Apr 29): Can-One Bhd's group chief financial officer Khoo Kay Leong is unsure if the company can meet the deadline of the offer by Aspire Insight Sdn Bhd, which has been extended to September, for the sale of Kian Joo Can Factory Bhd for RM1.47 billion cash.

"We will not be able to answer [whether we need further extension]. It will depend on the other party, whether if he loses, he will appeal again to the federal court.

"It depends on the judgement which will be out in the next few months," he told reporters at the annual general meeting (AGM) today.

Khoo said the date of the business sale agreement with Aspire has been extended to September, after it was previously extended to Mar 31, 2015.

Datuk Anthony See Teow Guan, who has previously filed an appeal on his suit against Can-One (fundamental: 1.0; valuation: 0.9) and few others that was being struck out by the Kuala Lumpur High Court, was not re-elected as executive director at Kian Joo's AGM held recently.

See, who holds a 1.56% stake in Kian Joo, had previously filed a lawsuit against several parties to prevent Kian Joo’s major shareholder Can-One from voting for the sale of Kian Joo to Aspire Insight Sdn Bhd for RM1.47 billion cash or RM3.30 per share.

See had claimed that Aspire’s offer to Kian Joo is deemed a related party transaction because of the connections between Kian Joo managing director Yeoh Jin Hoe and Kian Joo chief operating officer (COO) Chee Khay Leong, and Can-One, as well as Chee’s connection to Aspire.

Aspire is a joint venture between the Employees Provident Fund and Chee. Yeoh is a controlling shareholder of Can-One, while Chee is Can-One's former COO — a position from which he resigned a few days before the offer was made by Aspire.

Can-One fell 0.37% or one sen to RM2.70 with 205,200 shares done.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)