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NewsCan-One legal action against Kian Joo dismissed
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Can-One legal action against Kian Joo dismissed
by hlk Tue 05 Jul 2011, 17:36
KUALA LUMPUR: The Kuala Lumpur High Court has dismissed Can-One International Sdn Bhd’s injunction application against KIAN JOO CAN FACTORY BHD [] (KJCF) and four other defendants.
KJCF said on Tuesday, July 5 the court had also allowed the applications by the company and the defendants to strike out the suit by Can-One.
The other four defendants are Datuk See Teow Chuan, Datuk Anthony See Teow Guan, See Teow Koon and See Tiau Kee.
Can-One International is a unit of CAN-ONE BHD [] which had filed a suit in May over KJCF's corporate exercise involving a bonus issue and issuance of warrants.
Can-One had sought a declaration the proposed bonus issue of 222.08 million new KJCF shares (on the basis of a one for two basis) and the proposed renounceable rights issue of 166.56 million five-year warrants 2011/2016 (on the basis of one warrant for every four shares held after the bonus issue at an issue price of 1.0 sen per warrant) had breached Can-One’s rights and interest.
KJCF said on Tuesday, July 5 the court had also allowed the applications by the company and the defendants to strike out the suit by Can-One.
The other four defendants are Datuk See Teow Chuan, Datuk Anthony See Teow Guan, See Teow Koon and See Tiau Kee.
Can-One International is a unit of CAN-ONE BHD [] which had filed a suit in May over KJCF's corporate exercise involving a bonus issue and issuance of warrants.
Can-One had sought a declaration the proposed bonus issue of 222.08 million new KJCF shares (on the basis of a one for two basis) and the proposed renounceable rights issue of 166.56 million five-year warrants 2011/2016 (on the basis of one warrant for every four shares held after the bonus issue at an issue price of 1.0 sen per warrant) had breached Can-One’s rights and interest.
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