KUALA LUMPUR (April 16): Shareholders of Kian Joo Can Factory Bhd are frustrated for not getting satisfactory answers to their queries at the company's on-going annual general meeting (AGM).

Several shareholders told reporters of The Edge Financial Daily that many questions had been raised pertaining to the valuation of properties in Kian Joo's books but answers given were not satisfactory.

"The property valuations are outdated and do not reflect the actual valuations. Why is the fair value not being used?" said one shareholder, who requested to stay anonymous, outside the AGM hall.

"The board was going in circles without actually addressing our queries," he added.

In addition, some shareholders also spoke up against the RM3.30 per Kian Joo share offer from Aspire Insight Sdn Bhd. However, this matter could only be addressed in the extraordinary general meeting on May 23.

At noon, matters or resolutions on the re-election of directors at the AGM today have yet to be addressed.

Interestingly, Chee Khay Leong, the chief operating officer cum executive director of Kian Joo, was not present at today's AGM and Box Pak's AGM yesterday.

The absence of this central figure, who has offered to take over Kian Joo, has puzzled many shareholders.

"Why is he not here at the AGM?" asked one.

In November last year, Aspire Insight Sdn Bhd, a joint venture between Chee and the Employees Provident Fund (EPF), made an offer to acquire the assets and liabilities of Kian Joo for a total of RM1.47 billion, valuing each share at RM3.30 each.

The EPF owns around 10% in Kian Joo and has been a long time shareholder of the company.

But some of the minority shareholders, such as the See family who is the founder, are not happy.