KUALA LUMPUR (Jan 6): CAN-ONE BHD [] has won the legal tussle to acquire the 146.13 million KIAN JOO CAN FACTORY BHD [] shares held by Kian Joo Holdings Sdn Bhd after a Federal Court ruled in its favour on Thursday.
Can-One announced to Bursa Malaysia on Friday that the apex court had allowed its appeal to proceed with the completion of the acquisition of the 32.9% stake for RM241.11 million.
Can-One, whose share price had surged over the past two trading days, said that it was advised by its solicitors that the Federal Court had allowed its appeal.
Its share price closed 22 sen higher at RM1.59 with 14.12 million shares done. Its intra-day high was RM1.78.
On Thursday, its share price surged 29.2% to close at RM1.37, prompting Bursa Malaysia Securities to issue an unusual market activity (UMA) query. Its share price jumped 31 sen to RM1.37, the highest in at least 52 weeks.
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.
Can-One announced to Bursa Malaysia on Friday that the apex court had allowed its appeal to proceed with the completion of the acquisition of the 32.9% stake for RM241.11 million.
Can-One, whose share price had surged over the past two trading days, said that it was advised by its solicitors that the Federal Court had allowed its appeal.
Its share price closed 22 sen higher at RM1.59 with 14.12 million shares done. Its intra-day high was RM1.78.
On Thursday, its share price surged 29.2% to close at RM1.37, prompting Bursa Malaysia Securities to issue an unusual market activity (UMA) query. Its share price jumped 31 sen to RM1.37, the highest in at least 52 weeks.
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.
