KUALA LUMPUR (July 6): Shares in Anzo Holdings Bhd rose to a new high of 20.5 sen apiece in early trade today, up 2.5 sen or 13.89% from last week’s close, following the timber firm’s announcement last Friday that it is venturing into the glove business.

Anzo was the fourth most actively traded counter on Bursa Malaysia as at the time of writing today, with 62.23 million shares traded, giving it a market capitalisation of RM177.57 million.

The stock’s latest price was its highest in three years. Year to date, Anzo’s value has increased by nearly seven times or 17.5 sen from a low of three sen early this year.

Last Friday, the group said it is acquiring assets comprising land, buildings, machinery, equipment and vehicles from Wintrade World Sdn Bhd for RM55 million in cash to produce medical and nitrile gloves.

The group entered into a term sheet with Wintrade for the acquisition of the assets in Manjung, Perak. It said the assets are ready to be mobilised and commissioned to produce approximately 100 million pieces of medical and nitrile gloves per month.

The group will convene an extraordinary general meeting (EGM) to get the approval of the firm’s shareholders for the proposed acquisition.

Anzo manufactures an extensive range of timber products, such as timber doors, timber mouldings and other engineered products, according to its website. The group is also involved in the construction and interior design businesses.