KUALA LUMPUR: Can-One Bhd has clarified that it has no plans to take Kian Joo Can Factory Bhd (KJCFB) private following its recent move to make a conditional offer to acquire a 32.9% stake in the latter.

In a statement issued to the local stock exchange, Can-One said: “At this juncture, Can-One is not considering taking KJCFB private”.

KJCFB is the largest packaging company in the country and counts Nestle, F&N, Carlsberg and Yeo Hiap Seng among its key customers. It is involved in segments like general cans, aluminium cans, corrugated cartons and contract packaging services.

Can-One, also a can manufacturer, is involved in a different market — manufacturing tin cans for edible oils, cereals, milk powder, biscuits, coffee powder, chemicals and paint.

Can-One had made a conditional offer to purchase the stake in KJCFB, comprising of 146.13 million shares, at RM1.65 per share for RM241.12 million payable in cash after it successfully bid for the block in a tender exercise.

Three bidders were short-listed in the exercise. Among them was KFCFB managing director Datuk See Teow Chuan, who bid RM1.51 a share, while Can-One bid  RM1.55 and the third bid, from an unknown party, was RM1.20 per share.

KPMG Advisory Services concluded the public tender exercise on Feb 20 to liquidate Kian Joo Holdings Sdn Bhd’s (KJH) stake in KJCFB. The See family, via KJH, owns a 34.64% stake.

The sale arose as a result of a long-drawn dispute between two factions of the See family — one led by Teow Chuan and the other by his younger brother Datuk Anthony See, executive director of KJCFB.

It was understood that Anthony had skipped the bidding process due to poor market conditions, The Edge weekly reported.

The main task for the liquidator was to dissolve KJH and put up its 34.64% stake in KJCFB for sale via a public tender and then distribute the proceeds among the family members.

Although Can-One had emerged as a successful bidder for the stake, Teow Chuan is said to be seeking a court injunction to block the sale. Anthony is also seeking to block the sale.