Rather than accepting Can-One offer, Kian Joo substantial shareholder disposes of shares in open market

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KUALA LUMPUR (April 5): Kian Joo Can Factory Bhd (KJCF) substantial shareholder Datuk See Teow Chuan has disposed of a small portion of his shares in the company in the open market, despite there being an active mandatory general offer (MGO) by Can-One Bhd’s subsidiary Can One International Sdn Bhd.

According to a bourse filing, he sold 13,000 of his shares in the open market on Tuesday, leaving him with 37.66 million shares or an 8.479% direct interest in KJCF.

On Tuesday, the counter closed unchanged at RM3.10, matching Can One’s offer for the shares it does not own in Kian Joo.

The move by See has brought up some questions over what he is planning to do with his stake in the company, given that he is the only substantial shareholder who has yet to take up the offer.

The Employees’ Provident Fund, which owned a 10.13% stake, had accepted the offer last month.

Can One had yesterday extended the deadline for the MGO to April 30 from April 8 previously, its second extension for the offer, without revealing the rationale for the extension.

As at Thursday, Can One controlled 82.9% or 368.64 million shares in KJCF.

KJCF closed unchanged at RM3.10 today, giving it a market capitalisation of RM1.38 billion.

Can-One's share price closed unchanged at RM2.97, giving a market capitalisation of RM570.69 million.