KUALA LUMPUR (Nov 24): Can-One Bhd, whose share price closed at a multiple year high of RM4.54 today, highlighted that it is looking for and evaluating business opportunities that are synergistic with the group's corporate strategy.

In its response to Bursa Malaysia's unusual market activity query that was issued earlier today, it said, however, that "none of these have progressed to a stage that would require public disclosure".

The tin and plastic jerry cans manufacturer also noted that there was an article related to the company entitled "Toyota Tsusho still keen on stake in Kian Joo" that appeared in The Edge weekly on Nov 16, besides the impending release of its quarterly results for the period ended Sept 30.

Quoting sources, the weekly had reported that the financial adviser of Toyota Tsusho had contacted Can-One and had expressed its interest to acquire a stake in Kian Joo, which Can-One had later denied.

Besides those mentioned, Can-One said it is not aware of any reason or rumour or corporate development in relation to the group's business and affairs that has not been previously announced, which may account for the recent spike in its share price.

Its counter's upward trajectory began on Nov 20, when it was trading at RM4.08 sen; it has since surged 46 sen or 11.27% to close at RM4.54 today, which gives it a market capitalisation of RM866.61 million.

It was up as much as 19 sen or 4.2% earlier today and touched RM4.70, before closing at RM4.54, three sen or 0.67% higher from yesterday's close.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)