PETALING JAYA (May 28): Can-One Bhd shareholders approved the company's proposed acquisition of the remaining 20% stake in dairy products manufacturer F&B Nutrition Sdn Bhd for RM112.9 million.

Shareholders of tin can manufacturer Can-One (fundamental: 1.1; valuation: 1.8) had at the company's extraordinary general meeting (EGM) earlier today approved the purchase of the remaining three million F&B shares from Teh Khoy Gen.

Upon completion of the exercise, F&B will be a wholly-owned subsidiary of Can-One.

Can One will finance the F&B stake buy via the issuance of 39.75 million new Can-One shares RM2.84 each. The new Can-One shares represent approximately 20.69% of the company's issued share capital.

Looking ahead, Can-One is taking Malaysia's goods and services tax (GST) in stride. Can-One chief operating officer and executive director Marc Yeoh told theedgemarkets.com after the EGM that it was business as usual for the company despite the GST implementation.

Yeoh said the group’s operations would not be severely affected by the tax, which was effective nationwide since April 1 this year.

“GST will not pose a challenge for us, as we have put our systems in place. Therefore, it will be business as usual for us,” he said.

At 12:30pm, Can-One shares settled flat at RM2.56 for a market capitalisation of RM390.1 million.

The stock saw thin trades of 10,000 shares.

(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.)