KUALA LUMPUR: The Kuala Lumpur High Court has struck out a suit filed against Can-One Bhd by Datuk Anthony See, the company said in a filing with Bursa Malaysia last Friday.
See, a director of Kian Joo Can Factory Bhd (KJCF), in May commenced legal action against Can-One, its unit Can-One International Sdn Bhd, and four others including KJCF in a bid to prevent Can-One and Can-One International from voting for the sale of KJCF’s assets and liabilities to Aspire Insight Sdn Bhd.
In the suit, See named Yeoh Jin Hoe, Chee Khay Leong, KJCF, Can-One, Can-One International, Aspire and Box-Pak (M) Bhd as the defendants.
Yeoh is the major shareholder of Can-One group (which in turn is the major shareholder of KJCF) and also the managing director of KJCF. Chee is KJCF chief operating officer (COO) and former COO of Can-One.
See claimed that Aspire’s offer to KJCF is deemed a related party transaction because of the connections between Yeoh, Chee and the Can-One group. He sought to prevent the Can-One group from participating, deliberating and voting at any meeting to determine the Aspire bid.
However, the defendants applied for the suit to be struck out, which the High Court allowed in its decision last Friday.
Aspire, a joint venture between the Employees Provident Fund and Chee, early this year launched an offer to take over KJCF’s aluminium can manufacturing business for RM1.47 billion cash or RM3.30 per share. The deal is pending shareholders’ approval due to the suit filed by See.
As for Box-Pak, See had demanded the company reinstate him as a director and/or managing director, or alternatively, pay him for damages. See failed to get re-elected to the board of the packaging company in April.
In its decision last Friday, the High Court also struck out See’s claims against Box-Pak.
This article first appeared in The Edge Financial Daily, on November 17, 2014.