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NewsUpdate See seeking court declaration to rule Kian Joo takeover bid as “related party transaction”
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Update See seeking court declaration to rule Kian Joo takeover bid as “related party transaction”
by Cals Wed 07 May 2014, 22:57
| Update See seeking court declaration to rule Kian Joo takeover bid as “related party transaction” |
| Business & Markets 2014 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Wednesday, 07 May 2014 19:56 KUALA LUMPUR (May 7): Can-One Bhd announced that Can-One, its controlling shareholder Yeoh Jin Hoe and five others were collectively served with a writ of summons today by Datuk See Teow Guan in relation to the takeover of Kian Joo Can Factory Bhd. The matter has been fixed for case management on May 20, 2014. “Can-One will be defending the above suit and is in the process of taking legal advice,” said Can-One in its filing with Bursa Malaysia. See, representing himself and Kian Joo, is seeking a court declaration to state that the letter of offer dated Nov 26 last year from Aspire Insight to Kian Joo to acquire the entire business of Kian Joo is deemed a “related party transaction”. The defendants named in the suit are Yeoh Jin Hoe, offerors Chee Khay Leong and Aspire Insight Sdn Bhd, Can-One, Can-One International, Kian Joo, Box-Pak (Malaysia) Bhd (listed unit of Kian Joo). Kian Joo is due to hold an extraordinary general meeting to vote on this takeover proposal later this month or next month. |
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