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Update Kian Joo receives offer to buy entire firm at RM1.5b or RM3.30/share

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Update Kian Joo receives offer to buy entire firm at RM1.5b or RM3.30/share Empty Update Kian Joo receives offer to buy entire firm at RM1.5b or RM3.30/share

Post by Cals Wed 27 Nov 2013, 00:15

Update Kian Joo receives offer to buy entire firm at RM1.5b or RM3.30/share
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com   
Tuesday, 26 November 2013 19:27
KUALA LUMPUR (Nov 26): Kian Joo Can Factory Bhd announced that it has received an offer from Aspire Insight Sdn Bhd to buy over its entire business and undertakings for RM1.465 billion or RM3.30 per share.

The RM3.30 offer is higher than the net asset per share of Kian Joo, stood at RM2.29 as at end-September 2013.

The offer includes taking over the assets and liabilities of the can manufacturer, according to the offer letter to Kian Joo.

The offer letter, displayed by Kian Joo, states that Aspire Insight’s shareholders are Equiti Merdu Sdn Bhd and Alleyways Sdn Bhd.

Alleyways is majority-owned by Chee Khay Leong, who resigned yesterday as chief operating officer of Can-One Bhd.

Can-One owns 32.9% of shares in Kian Joo, its competitor in the can making business.

The Edge Financial Daily, quoting sources, reported today that the EPF and Can-One are joining hands to take over assets of Kian Joo and Box Pak (Malaysia) Bhd. Kian Joo owns 54.83% of Box-Pak, a maker of corrugated boxes.
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