Can-One Bhd's share price recorded a drastic increase of RM4.10 in the trading session on Bursa Malaysia today and it is also the highest level in 5 years.
If the uptrend continues, it is not impossible for the price movement to test the all -time high (ATH) level that was reached in January 2016 around RM4.90.
As at 3.48pm, Can-One's share price had risen 5.21% to RM3.84 which decreased slightly after the price reached RM4.10 this morning.
The company has also earned a market capitalization of RM737.87 million.
Although the factors of the increase were not very clear, Can-One, which is involved in the manufacture of metal cans and lithographs as well as various other fields, recorded a surge in revenue during the quarter.
For the second quarter ended June 30, 2021, the company achieved a net profit of RM48.83 million from a net loss of RM26.48 million last year.
The company's revenue also jumped 19.4% to RM678.83 million from RM568.4 million.
Can-One said that the increase was contributed by improved performance in the general packaging division and lower interest expense.
On February 1, the political unrest that erupted in Myanmar to some extent caused concern to the development of the group's business operations in Myanmar.
However, the company said the plant in Myanmar was still operational and it continued to give a satisfactory as well as improving opinion.
On May 4, Can-One obtained an unconditional mandatory takeover offer at RM2.50 per share from its director Yeoh Jin Hoe and together with (PAC).
In addition, Eller Axis Sdn Bhd has entered into an unconditional share sale agreement with Genkho Candoz Sdn Bhd to buy Can-One shares of around 20.94%.
It also includes a total purchase of RM100.6 million or RM2.50 per share.