One can speculate this but if you study the stock movement closely, and with the price touching 20.5 last friday, it is poised to reach that level.
Speaking to some analysts, they said Anzo could trade limit up tomorrow because of the big contract it recently won and talks of new shareholders coming in?
A limit up is the maximum amount that the price of a stock or commodity futures contract will be allowed to increase in a single trading session.
Anzo shares have risen from less than 5 sen early this year to hit as high as 20.5 sen on Friday (July 3) before closing the day at 18 sen. Some 308 million shares were traded.
The stock has been rising steadily in the last 4-6 weeks on news that Anzo will win big contracts and it did win a RM1.3 billion contract recently.
Anzo won the RM1.3 billion contract to supply millberry/candy copper scrap to a steel-making group in South Korea effective from July 1.
Then last week it announced that it is paying RM55 million to buy a glove manufacturing company with assets in Manjung, Perak.
That means Anzo is venturing into copper trading and glove manufacturing which is a big business these days.
Further, there is a lot of talks that new shareholders will emerge in Anzo. Just last week Anzo announced that CSTME Resources Bhd is now a substantial shareholder in the company with almost 12 per cent stake and now there are talks of a Chinese or Hong Kong investor or global fund coming in.
Anzo also told the stock exchange recently that the Board noted that there are some foreign investors who have been acquiring shares in the company.
It said this after being enquired about an article which mentioned that something was brewing within the company.
Not only did the article mention that a foreign investor was eyeing a stake in Anzo, it also stated that the investor may inject new business in the company.
Anzo as you know, has been looking to expand its business from the current, timber, construction and property development. While these businesses remain within the company, Anzo wants to add more business to build the company into a diversified group with many business interest.