Can-One Bhd and the Employees Provident Fund are forming a special purpose vehicle to acquire the assets and liabilities of Kian Joo Can Factory Bhd and Box-Pak (Malaysia) Bhd, according to sources.
The three related packaging manufacturers were suspended from trading of their shares from Monday to Thursday. Can-One, a can manufacturer, owns 32.9 percent of its largest competitor, Kian Joo, which in turn owns 54.8 percent of Box-Pak, a manufacturer of corrugated boxes. EPF currently has a 10.03 percent stake in Kian Joo.
NOTE: Reuters has not verified this story and does not vouch for its accuracy.
($1 = 3.2155 ringgit)