KUALA LUMPUR : Shares of cast stretch film manufacturer BP Plastics Holding Bhd surged to an all-time high of RM1.82 in heavy trade on Wednesday.
At 4pm, it was up 27 sen to RM1.78 per share in heavy trading volume. It closed at RM1.51 the previous day.
To date, shares of BP Plastics has gained more than 130%.
BP Plastics was previously speculated as actively seeking mergers and acquisitions opportunities.
However, in a filing to Bursa Malaysia on Dec 17, the company refuted an article published by a Chinese daily linking it to a stake acquisition in Tomypak Holdings Bhd
, adding that it has no interest in doing so.
Meanwhile, BP Plastics saw five million shares done off-market at RM1.48, which was three sen below the closing price on Tuesday.
According to Bloomberg data, BP Plastics is trading at an earnings multiple of 19.53 times. The stock also offers a dividend yield of 3.57%.
In its latest third quarter results, the company reported a strong improvement in earnings. Its net profit surged to RM5.95mil compared with RM1.41mil a year ago.
Revenue for the quarter was RM68.4mil, compared to RM66.37mil a year ago.
BP Plastics attributed the improved results to a better product mix as well as higher process efficiencies.
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