Kian Joo: We're still open to offers

PETALING JAYA: Aluminium can manufacturer Kian Joo Can Factory Bhd is still open to any potential offers despite the termination of a RM1.47 billion take over offer by Aspire Insight Sdn Bhd last Friday due to the failure to come to an agreement on the pricing.
"The board is still very open to offers, it is the duty of the board to look at any proposals as long as they come in the right format," Kian Joo CFO Ooi Teik Huat told a press conference after the company's AGM here today.
While pricing was the reason behind the termination of the take over, he declined to comment what is the floor price that Kian Joo will be looking at for potential future offers.
"We do not want to spur speculation, it's not up to us to say. If there is any interested investor, it's up to them to conduct due diligence to see how much the company worth," he stressed.
Aspire Insight, which is controlled by the Employees Provident Fund and Kian Joo COO Freddie Chee Khay Leong, had in November 2013 launched a takeover offer for Kian Joo, with a price tag of RM1.47 billion, or RM3.30 per share.
Ooi also said the company is not in talks with any parties at the moment. "If any, surely we'll announce," he added.
Late last year, Toyota Tsusho Corp was said to have renewed interest in Kian Joo after its failed bid to acquire a 51% stake in Kian Joo in 2014 despite a higher offer price of RM3.74 per share.
Kian Joo had said it was in no position to consider Toyota Tsusho's non-binding letter of interest