KUALA LUMPUR: Shares of KIAN JOO CAN FACTORY BHD [] (KJCF) fell at the start of trade on Monday, May 23 after CAN-ONE BHD [] filed court action to stop KJCF's proposed bonus and rights issue.
At 9.01am, KJCF fell seven sen to RM2.03 with 110,200 shares done.
The FBM KLCI rose 1.59 points to 1,542.62. Turnover was 15.20 million shares valued at RM8.09 million. There were 59 gainers, 48 losers and 91 stocks unchanged.
Can-One said last Friday it opposed KJCF's proposed one-for-two bonus issue and the proposed renounceable rights issue of 166.56 million five-year warrants 2011/2016 on the basis of one warrant for every four KJCF shares held after the proposed bonus.
Can-One claimed the proposals breached the rights of Can-One under the shares sales agreement dated March 13, 2009 and in breach of the Order of the Court of Appeal dated Aug 25, 2010 and the order of the Federal Court dated Feb 21, 2011.
At 9.01am, KJCF fell seven sen to RM2.03 with 110,200 shares done.
The FBM KLCI rose 1.59 points to 1,542.62. Turnover was 15.20 million shares valued at RM8.09 million. There were 59 gainers, 48 losers and 91 stocks unchanged.
Can-One said last Friday it opposed KJCF's proposed one-for-two bonus issue and the proposed renounceable rights issue of 166.56 million five-year warrants 2011/2016 on the basis of one warrant for every four KJCF shares held after the proposed bonus.
Can-One claimed the proposals breached the rights of Can-One under the shares sales agreement dated March 13, 2009 and in breach of the Order of the Court of Appeal dated Aug 25, 2010 and the order of the Federal Court dated Feb 21, 2011.
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