Kian Joo, Can-One top gainers after MGO triggered

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KUALA LUMPUR (Dec 14): Kian Joo Can Factory Bhd and Can-One Bhd were the top two gainers this morning after Can-One said it is buying another 2.17 million shares or a 0.49% stake in Kian Joo and will subsequently extend a mandatory general offer to the minority shareholders of Kian Joo at an offer price of RM3.10 per share.

At 9.05am, Kian Joo jumped 29.56% or 60 sen to RM2.63 while Can-One rose 16.06% or 31 sen to RM2.24.

In a filing with Bursa Malaysia yesterday, Can-One said its wholly-owned subsidiary Can-One International Sdn Bhd has entered into a conditional share sale agreement with Tan Kim Seng for the 0.49% stake in Kian Joo for RM6.71 million or RM3.10 per share cash.

Upon completion of the proposed acquisition, Can-One will see its shareholding in Kian Joo increase to 33.39% from 32.9% presently.