Toyota Tsusho interested in taking 51% stake in Kian Joo

by **Cals** Tue 11 Mar 2014, 08:09

[size=33]Toyota Tsusho interested in taking 51% stake in Kian Joo[/size]

Posted on 11 March 2014 - 05:40am

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[size=14]PETALING JAYA: Kian Joo Can Factory Bhd, already the target of a takeover by Aspire Insight Sdn Bhd, has received a non-binding letter of interest from Toyota Tsusho Corp (TTC) to buy a 51% stake in it.

Aspire Insight, a special purpose vehicle of Kian Joo substantial shareholder Employees Provident Fund and Kian Joo COO Freddie Chee Khay Leong, is offering Kian Joo shareholders RM3.30 per share. It has until Friday to sign a definitive agreement in relation to the offer.

TTC said subject to the completion of a due diligence exercise on the group, it has a tentative maximum price per stock of RM3.74 for Kian Joo's shares. Kian Joo's shares closed up 0.9% yesterday to RM3.21 prior to its suspension pending the announcement.

"The letter is not tantamount to an offer as the letter stated that it is non-binding and is merely an expression of TTC's preliminary intention," Kian Joo said. The company received the letter of interest yesterday.

Kian Joo has sought information from TTC, including the profile/identity of TTC, identity of TTC's possible partner(s), whether TTC or its subsidiaries is in the same industry, financing evidence of TTC's proposed purchase, the name of the seller of the 51% stocks and its profile.

"A further announcement will be made in due course," it added.

Trading in the securities of Kian Joo, substantial shareholder Can-One Bhd and Kian Joo subsidiary Box-Pak (Malaysia) Bhd's was suspended from 2.30pm yesterday to make way for the announcement.
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