KUALA LUMPUR (Jan 13): Shares of CAN-ONE BHD [] and KIAN JOO CAN FACTORY BHD [] (KJCF) climbed on Friday afternoon on market expectations that Can-One would likely launch a general offer for KJCH after securing the 32.9% block.
At 3.46pm, Can-One was up 13 sen to RM1.91. There were 13.18 million shares done at prices ranging from RM1.77 to RM1.99.
KJCH rose 14 sen to RM2.15, the most in recent days. There were 3.61 million shares transacted at prices ranging from RM2.01 to RM2.15.
Last Thursday, Jan 5, Can-One won the legal tussle to acquire the 146.13 million KJCF shares held by Kian Joo Holdings Sdn Bhd after a Federal Court ruled in its favour.
The apex court had allowed Can-One’s appeal to proceed with the completion of the acquisition of the 32.9% stake for RM241.11 million.
Market talk was that Can-One could then launch a general offer for the remaining shares in KJCF.
To recap, on Nov 16, 2011 Can-One said the Securities Commission had approved a further extension of times until May 6, to complete the proposed acquisition.
As at Sept 30, 2011, KJCF’s net asset per share was RM2.02. It had cash of nearly RM60 million.
At 3.46pm, Can-One was up 13 sen to RM1.91. There were 13.18 million shares done at prices ranging from RM1.77 to RM1.99.
KJCH rose 14 sen to RM2.15, the most in recent days. There were 3.61 million shares transacted at prices ranging from RM2.01 to RM2.15.
Last Thursday, Jan 5, Can-One won the legal tussle to acquire the 146.13 million KJCF shares held by Kian Joo Holdings Sdn Bhd after a Federal Court ruled in its favour.
The apex court had allowed Can-One’s appeal to proceed with the completion of the acquisition of the 32.9% stake for RM241.11 million.
Market talk was that Can-One could then launch a general offer for the remaining shares in KJCF.
To recap, on Nov 16, 2011 Can-One said the Securities Commission had approved a further extension of times until May 6, to complete the proposed acquisition.
As at Sept 30, 2011, KJCF’s net asset per share was RM2.02. It had cash of nearly RM60 million.
