Group chief financial officer Ooi Teik Huat said on Wednesday Kian Joo had invested about US$23 million to build two plants in the Thilawa Special Economic Zone near Yangon, the capital of Myanmar.

These plants would used to manufacture cartons and cans.

“With the market in Malaysia and Vietnam maturing, Myanmar will be a new market to expand in,” he said after the company’s 58th AGM.

On the termination of Aspire Insight’s takeover offer of Kian Joo, he said this was purely due to the pricing issue, but did not wish to disclose the price Kian Joo was asking for, as it has a non-disclosure agreement with the latter.

“Kian Joo board is open to offers. It is the duty of the board to take a look at offers so long as it comes with the right format and structure, and through proper channels,” he said, adding that for now it wasn’t in talks with anyone and would announce if there were offers.