KUALA LUMPUR (April 26): Can-One Bhd’s subsidiary Can-One International Sdn Bhd now holds a 95.88% stake in Kian Joo Can Factory Bhd, giving it enough control of the company to compulsorily acquire the rest of the shares and delist Kian Joo.

In a filing with Bursa Malaysia today, Kian Joo said it was informed that as at 5pm today, based on the valid acceptances, Can-One International hold 425.88 million shares or a 95.88% stake in Kian Joo.

In addition, Can-One International has received valid acceptances of not less than nine-tenths in the value of Kian Joo shares (excluding the 34.52% stake already held by Can-One International).

As such, Can-One International intends to invoke the provisions of Section 222(1) of the  Capital Market and Services Act, to compulsorily acquire the rest of Kian Joo shares for which acceptances have not been received.

Notwithstanding, the takeover offer will remain open for acceptances until April 30, being the final closing date. Trading of Kian Joo shares will be suspended upon the expiry of the five market days from then.

On Dec 13, 2018, Can-One International launched a surprise mandatory general offer for Kian Joo at an offer price of RM3.10 a share after it bought a 0.49% stake from a minority shareholder at a 51% premium over the market price.

As a result of the acquisition, Can-One International’s shareholding in Kian Joo increased from 32.9% to 33.39%.

Can-One shares closed 6 sen or 1.98% higher at RM3.09 today, with 268,600 shares done, valuing the group at RM593.75 million.

Meanwhile, Kian Joo shares settled unchanged at RM3.10, with 24,100 shares traded, bringing a market capitalisation of RM1.38 billion.