Value Investor Research
ECM: Can-One: Kian Joo stake sale impasse
value_investor
Publish date: Thu, 16 Feb 2012, 11:26 PM
Can-One Bhd cannot proceed to buy a 32.9% stake in Kian Joo Can Factory Bhd (Kian Joo), at least for now. Can-One was served with notices from Datuk See Teow Chuan and 13 others on Tuesday, who are appealing to the Federal Court to review its earlier ruling. Tee and partners had appealed for a re-hearing of the matter, Can-One said in a filing to Bursa Malaysia. Tee and
partners were seeking to set aside the court's ruling made on 5 January. Additionally, Tee and partners were also seeking to restrain CISB and KPMG from conducting any sale and purchase deal of the 146.13m Kian Joo shares until a new ruling was handed out. Can-One said it would oppose Tee's applications, adding that it was taking legal advice. (Business Times)
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