[1] On 30 January 1996, by consent, the High Court ordered that Kian Joo Holdings Sdn Bhd (the company) be wound up pursuant to s 218(f) and (i) of the Companies Act 1965 .

[2] At the same time, one Abdul Jabbar bin Abdul Majid and Ng Kim Tuck from KPMG Peat Marwick were appointed as the joint and several liquidators of the company. On 2 October 2007, one Ooi Woon Chee from the same firm was appointed as one of the liquidators to replace Abdul Jabbar bin Abdul Majid.

[3] At the meeting of contributories on 10 July 2008, the majority contributories (representing 52% in value of the companys equity) were in favour of selling of the entire shares of the company, while the remaining contributories (being minority contributories holding 48% in value of the equity) preferred distribution of the shares in specie.

[4] On 23 February 2009, the liquidators entered into a conditional shares sale agreement for the sale of 146,131,500 shares in question to Can-One International Sdn Bhd. The contr