Can-One Bhd (+ve)
TRADING of shares in Can-One Bhd (fundamental: 0.80/3, valuation: 1.40/3) triggered our momentum algorithm last Friday for the sixth time this year.

The counter closed five sen or 1.48% higher at RM3.42 last Friday, with a market capitalisation of RM647.56 million. A total of 1.39 million shares were traded compared with its 200-day average trading volume of 140,374 shares.

Last Tuesday, Can-One announced that its RM3.10 offer for the shares in Kian Joo Can Factory Bhd (KJCF) had closed, with Can-One holding a total of 432.96 million or 97.48% of the latter’s shares.

As Can-One does not intend to maintain the listing of Kian Joo, the trading of the latter’s shares will be suspended effective May 9.

Can-One said it will compulsorily acquire the rest of Kian Joo shares after receiving valid acceptances of not less than nine-tenths of the value of Kian Joo shares. Can-One said the takeover was part of its expansion strategy to consolidate its can manufacturing business under KJCF.