Milestones
In the 1900s
1957
Within the Can-One Berhad (“Can-One” or the “Company”) group of companies (“Can-One Group” or “the Group”), Aik Joo Can Factory Sdn. Berhad (“Aik Joo”) was the first to be established in 1957 by Mr. See Eng Lok.
1968
Aik Joo successfully acquired its very first factory, which is located in Mak Mandin, Butterworth, Penang.
1993 to 1994
Establishment of 3 more branches in Pandamaran, Klang, Selangor and Pasir Gudang, Johor by acquiring factories and new production lines. AJcan Sdn. Bhd. (“AJcan”) was incorporated for the purpose of investing in these factories.
1999
Aik Joo remained competitive in the Tin Can business through innovations such as Square Cans with Bung Hole, Tapered Oil Drums, and Flattened Cans, while successfully exporting its Edible Oil Tin Cans, mainly to the Association of Southeast Asian Nations (ASEAN) countries.
In the 2000s
2000
An additional factory (4th factory) was assembled in Telok Panglima Garang, Kuala Langat, Selangor, to meet thriving customer demand.
2003
Aik Joo was wholly acquired by a privately held company, Eller Axis Sdn. Bhd. (“EASB”). Subsequently, a Bumiputera company, Iska Tenaga Sdn. Bhd., has also acquired a partial interest in Aik Joo from EASB.
With a new management at helm, Aik Joo and AJCan ventured into the manufacturing of Plastic Jerry Cans to complement its growing Edible Oil packaging customers. Canzo Sdn. Bhd. (“Canzo”) was then shortly established to govern the activities related to Plastic Jerry Cans.
2004
Can-One was incorporated for the purpose of facilitating the flotation activities via the acquisition of Aik Joo, AJCan and Canzo.
2005
Upon the completion of the establishment of Can-One, it was later listed on the Main Board (now referred to as Main Market) of Kuala Lumpur Stock Exchange (now referred to as Bursa Malaysia Securities Berhad (“Bursa Securities”)) on 29 July 2005.
Subsequently, Can-One also acquired Sanjung Nuri Sdn. Bhd. (“Sanjung Nuri”) and Liew Yoke Fatt Holdings Sdn. Bhd. (now known as Newmarq Sdn. Bhd.).
The Group invested in new production lines and, most importantly, five (5) new factories, comprising one (1) in Telok Panglima Garang, Kuala Langat, Selangor. Three (3) in Mak Mandin, Butterworth, Penang, and one (1) in Pasir Gudang, Johor.
Can-One International Sdn. Bhd. (“Can-One International”) was incorporated, and Amber Alliance Sdn. Bhd. (“Amber Alliance”) was acquired by Can-One. F & B Nutrition Sdn. Bhd. (“F&B Nutrition”) was acquired in line with the Group’s new venture, which operates Original Equipment Manufacturer (“OEM”) of Sweetened Creamer Products.
Following this, the Group acquired one (1) more factory in Telok Panglima Garang, Kuala Langat, Selangor, for the manufacturing of Dairy and Non-dairy Products.
2007
In regard to the shortage of factory space in Mak Mandin, Butterworth, Penang, Can-One Group acquired another piece of land adjacent to the existing factory.
F&B Nutrition was accredited by the International Organisation for Standardisation (“ISO”) 9001 for the manufacturing of Sweetened Condensed Milk by SGS United Kingdom Ltd.
2008
The Group acquired a factory in Mak Mandin, Butterworth, to meet rising demand for Tin Cans and Plastic Jerry Cans.
Canzo introduced Bag-In-Box packaging for oil customers, while F&B Nutrition commissioned a second milk plant in Telok Panglima Garang, which quadrupled manufacturing capacity and acquired land adjacent to the existing factory for future expansion.
2009
F&B Nutrition introduced Evaporated Creamer to its range of products.
Can-One International entered into a conditional share sale agreement with Kian Joo Holdings Sdn. Bhd. (In Liquidation) to acquire 146,131,500 ordinary shares at RM0.25 each, representing 32.9% of the entire issued and paid-up capital of Kian Joo Can Factory Berhad (“Kian Joo”).
2010
The Group invested in another four (4) acres of land in Telok Panglima Garang, Kuala Langat, Selangor, for the construction of a new plant and additional tin can production lines.
During the month of July 2010, F&B Nutrition was accredited ISO 22000 for the manufacturing of Condensed Milk and Evaporated Milk by SGS United Kingdom Ltd.
2011
PT. Corum, a company established in Indonesia and Lumiera Corporation Pte. Ltd., was incorporated under Newmarq Sdn. Bhd. (“Newmarq”), a wholly-owned subsidiary of Can-One.
Subsequently, Grensing Pte. Ltd. was incorporated in Singapore through Newmarq as an international trading arm.
An additional processing plant was established in Telok Panglima Garang, Kuala Langat, Selangor for the production of Sweetened Creamer.
2012
On 5 January 2012, the sale of 146,131,500 ordinary shares of Kian Joo was brought to completion at RM1.65 per share for an aggregate consideration of RM241,116,975 by Can-One International.
Upon completion, Can-One and Kian Joo, along with its subsidiary companies, including Box-Pak (Malaysia) Bhd. (listed on the Main Market of Bursa Securities), formally become associated companies.
Canzo further ventured into the manufacturing of Flexi-Packaging products.
2013
Can Ridge Sdn. Bhd. (“Can Ridge”) was incorporated as a wholly-owned subsidiary company of F&B Nutrition.
2014
F&B Nutrition commenced the first commercial run of its sterilised flavoured milk.
PT. AJ Candace was incorporated under Newmarq in the Republic of Indonesia.
Canzo was accredited with ISO 22000 and ISO 22000 for the manufacturing of Plastic Films and Flexible Packaging by SGS United Kingdom Ltd. Simultaneously, Canzo and Aik Joo were accredited with ISO 9001 by Global Group Certification.
2015
Expansion of an additional processing plant for the production of Evaporated Creamer in Telok Panglima Garang, Kuala Langat, Selangor.
On 13 June 2014, Can-One entered into a conditional share sale agreement with Teh Khoy Gen to acquire 3,000,000 ordinary shares of RM1.00 each in F&B Nutrition, representing the remaining 20% of the issued and paid-up share capital of F&B Nutrition not already owned by the Company, to be satisfied entirely via the issuance of 39,753,000 new ordinary shares of RM0.50 each in Can-One (“Can-One Share(s)”) representing approximately 20.69% of the enlarged issued and paid-up share capital of Can-One. The acquisition was completed on 12 June 2015 and the aforesaid Can-One Shares were listed and quoted on the Main Market of Bursa Securities on 16 June 2015.
Major improvements were made in terms of quality standards as Canzo was accredited with both ISO 22000 and Food Safety System Certification (“FSSC”) 22000 for the manufacturing of Plastic Bottle and Preform by SGS United Kingdom Ltd. Additionally, F&B Nutrition was also accredited with FSSC 22000 by SGS United Kingdom Ltd. and Hazard Analysis Critical Control Points (“HACCP”) Certificate from the Ministry of Health Malaysia.
F&B Nutrition was also certified to operate in China by the China National Certification and Accreditation Administration (CNCA), the Certification and Accreditation Administration of the People’s Republic of China.
2016
The Group invested in new property and plant and equipment to support long-term growth in production capacity.
2017
In March, F&B Nutrition acquired a piece of freehold industrial land, together with a unit of factory erected thereon.
2018
In January, Amber Alliance acquired 2 ordinary shares representing the entire issued and paid-up capital of Hinoki Beverages Sdn. Bhd. (formerly known as Hinoki Plas Sdn. Bhd.) (“Hinoki”) and the intended business activity of HBSB will be the provision of contract packaging services. In the same month, Sanjung Nuri acquired a piece of freehold industrial land together with a unit of factory erected therein.
During the financial year ended 31 December (“FYE”) 2018, the Group ventured into Packing and Blending of Edible Oils and Fats, which commenced operations in the third quarter of FYE 2018.
The Group’s commitment to stringent production procedures has led to its recognition under the HACCP, Good Manufacturing Practice (GMP), Malaysia Veterinary Department (VHM), and Makanan Selamat Tanggungjawab Industri (MeSTI) certification. Its dairy products are halal-certified by the Department of Islamic Development Malaysia and The Indonesian Council of Ulama.
On 13 December 2018, Can-One International entered into a conditional Sale and Purchase Agreement with Tan Kim Seng (“the Vendor”) to acquire 2,166,000 ordinary shares of Kian Joo (“Kian Joo Shares”), which represented 0.49% equity interest in Kian Joo at a cash consideration of RM3.10 per Kian Joo Share (“Offer Price”). Pursuant to Section 218(2) of the Capital Markets and Services Act, 2007 (“CMSA”) and paragraph 4.01(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions, as Can-One International’s shareholding in Kian Joo will exceed 33% of the total voting shares in Kian Joo, Can-One International is obliged to extend a conditional mandatory take-over offer to acquire all the remaining Kian Joo Shares not already owned by Can-One International (“Offer Shares”) at the Offer Price per Kian Joo Share (“Offer”).
2019
On 14 February 2019, the acquisition of 0.49% of equity interest from the Vendor was completed. As a result of this acquisition, Can-One International’s shareholding in Kian Joo had increased from 32.90% to 33.39%.
On 1 March 2019, Can-One International extended the Offer to the shareholders of Kian Joo. On 18 March 2019, the valid acceptances of the Offer, when taken together with the Kian Joo Shares of Can-One International, Can-One and parties acting in concert with them, were more than 50% of the total Kian Joo Shares. Accordingly, the acceptance condition was fulfilled, and the Offer became unconditional. Accordingly, Kian Joo group of companies (“Kian Joo Group”) became subsidiary companies of Can-One.
On 26 April 2019, the Offeror received valid acceptances in respect of the Offer, resulting in the Offeror holding not less than nine-tenths (9/10) in the value of the Kian Joo Shares (excluding the Kian Joo Shares held by the Offeror and the parties acting in concert with the Offeror as at the date of the Offer). Accordingly, the Offeror is entitled to invoke Section 222(1) of the CMSA to compulsorily acquire any remaining Offer Shares for which acceptances have not been received under the Offer (“Compulsory Acquisition”).
On 7 May 2019, Kian Joo submitted an application to Bursa Securities for the withdrawal of its listing status from the Official List of Bursa Securities in accordance with Paragraph 16.07 of the Main Market Requirements of Bursa Securities (“Listing Requirements”). On 10 May 2019, the Offeror posted the Compulsory Acquisition Notice to the Dissenting Shareholders in accordance with Section 222(1) of the CMSA, notifying them of the Offeror’s intention to compulsorily acquire the Remaining Offer Shares held by the Dissenting Shareholders.
On 16 May 2019, Kian Joo was removed from the Official List of Bursa Malaysia pursuant to Paragraph 16.07(a) of the Listing Requirements. On 28 June 2019, Can-One International completed the Compulsory Acquisition; hence, Kian Joo became an indirect wholly-owned subsidiary of Can-One.
The said acquisition provides an integration of the existing cans manufacturing business of the Can-One Group with the core competency and services of Kian Joo Group to enable the enlarged Can-One Group’s operation to offer more comprehensive products and services, such as 2-piece aluminium cans and corrugated cartons packaging to its customers and gain a stronger footing in the packaging manufacturing industry.
The Group’s entities in Myanmar commenced commercial operation as a can manufacturer and corrugated fibre board carton manufacturer in the first quarter of FYE 2019.
On 14 June 2019, Can-One entered into a sale and purchase agreement (“SPA”) with Wholesome Dairies Pte. Ltd. (“WDPL”) to dispose in full of the entire issued share capital of F & B Nutrition through the disposal of the entire share capital of Can Ridge to WDPL (and Asia Dairy Creations Sdn. Bhd. as its nominee transferee). Can-One and WDPL had, vide a letter dated 17 August 2020, agreed to the final disposal consideration which was equivalent to the maximum price payable under the SPA.
2020
On 29 December 2020, TOGO Greenland Sdn. Bhd. (formerly known as TOGO Palm Oils & Fats Sdn. Bhd.) (“TOGO Greenland”), a wholly-owned subsidiary of Can-One, and Golden Valley Industries Sdn. Bhd. entered into 2 sale and purchase agreements to acquire two (2) vacant freehold lands, i.e. Lot 4 (34.947 acres) and Lot 5 (32.975 acres) (“Said Lots”) located at Jalan Akrob, Kapar, Klang, Selangor Darul Ehsan. The delivery of vacant possession of the Said Lots on 10 December 2021 marked the completion of the aforesaid acquisition.
2022
On 22 April 2022, TOGO Greenland and Worldklang Group Property Development Sdn. Bhd. entered into a Development Agreement to collaborate with each other in the implementation of the development on the Said Lots. The Said Lots are proposed to be developed into an industrial park comprising factories and a hostel, together with all infrastructure, amenities, public utilities and other complementary development appropriate for or incidental to such development, as may be approved by the relevant authorities.
The Beverages segment of the Group has completed its plant upgrades.
2023
The new aluminium can plant in the United States of America commenced its operations in December 2023. As a greenfield project, it is only expected to contribute positive results to the Group in 3 to 5 years’ time.