AAA Toyota Tshuho unable to package a successful bid for majority stake in Kian Joo

Toyota Tshuho unable to package a successful bid for majority stake in Kian Joo

Malaysia-based aluminium can producer Kian Joo Can Factory (KJCF) has denied it is considering an offer by Toyota Tsusho Corp., the investment group owned by Japan-based automotive company Toyota, to acquire a majority stake in the business, according to reports in the Malaysian press.

Aspire Insight, a venture led by KJCF chief operating officer Chee Khay Leong and Malaysian state pension fund Employees Provident Fund, the latter of which already holds a 10% share of KJCF, made a MYR 1.46bn ($445.9m) offer for a 54.8% stake in the company in November 2013.

The deal has still not been closed however, and Toyota Tsusho made a non-binding offer last week for a 51% stake in KJCF at a price that was 13% higher than Aspire Insight’s, and which equates to approximately MYR 1.54bn ($470m) in total.

KJCF said in a statement to the Malaysian Stock Exchange that it is unable to consider Toyota Tsusho’s offer, and urged the unit to consult Malaysian acquisition regulations.

“The company has today written to TTC to inform that the company is in no position to consider their non-binding letter of interest dated March 7, 2014,” KCJF said in the statement.

Aspire Insight has been given until the end of March to reach a definitive agreement on an acquisition.

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