KUALA LUMPUR (April 22): Can maker Can-One Bhd is partnering a local private developer to build factories and hostel on two freehold plots of land it owns via a subsidiary in Mukim Kapar, Klang, Selangor, that will have an estimated gross development value of RM478.8 million. The project's estimated gross development and costs — including building costs and TGSB's share of profits — are estimated at RM339.3 million. Under the deal, TGSB is entitled to an estimated share of profit of over RM120 million over the five-year development period, subject to completion of the development and the sale of developed units. “The board is of the view that the prospects of the development is favourable, as the Lands are strategically located within Klang. Shares in Can-One settled one sen or 0.32% higher at RM3.16 on Friday (April 22), giving the group a market capitalisation of RM608.99 million.
