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Can-One buys remaining 20% in dairy unit for RM113m

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Can-One buys remaining 20% in dairy unit for RM113m Empty Can-One buys remaining 20% in dairy unit for RM113m

Post by Cals Mon 16 Jun 2014, 02:59

Can-One buys remaining 20% in dairy unit for RM113m
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Friday, 13 June 2014 19:56

KUALA LUMPUR (June 13): Can-One Bhd is buying the remaining 20% stake in an 80%-owned dairy product manufacturing subsidiary under an all-share deal worth RM112.9 million.

In a statement to the stock exchange today, tin can manufacturer Can-One said it had signed a conditional share sale agreement with Teh Khoy Gen for the proposed acquisition of the 20% stake in F&B Nutrition Sdn Bhd.

Can-One said it would issue 39.8 million new shares in Can-One at RM2.84 each to Teh as payment for the F&B stake.

"Based on annual report of Can-One for FYE 31 December 2013, the business segment of food products is the largest profit contributor for Can-One via its subsidiary, F&B.

"The proposed acquisition will allow full control by Can-One over F&B’s business and operation and the company can enjoy full benefit of future contribution of F&B in terms of profitability and cash flow," Can-One said.
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