KUALA LUMPUR (March 25): Shares of Master-Pack Group Bhd (KL:MASTER), a paper packaging manufacturer, rallied to a new record high on Tuesday in highly active trade.

The stock climbed as much as 29.3% or RM1.02 to RM4.50 before easing off all-time highs. At market close, the counter was up 26 sen or 7.47% to RM3.74, valuing the company at RM188.6 million. Trading volume totalled 12.56 million shares, more than 350 times its average over the past 200 days.

Master-Pack acknowledged a request for comment from The Edge but was not able to immediately provide a response.

The company specialises in manufacturing corrugated cartons and wooden packaging. The company has plants in Nibong Tebal and Sungai Baong, Penang, as well as in Kuching, Sarawak.

Yayasan Bumiputera Pulau Pinang Bhd is the largest shareholder with 32.47% stake in Master-Pack. The foundation is represented by Datuk Seri Syed Mohamad Syed Murtaza who is also the executive chairman of Master-Pack.

On the financial front, Master-Pack reported that its net profit fell 27% to RM18.19 million last year, largely due to lower selling prices that dragged on its margins. Revenue declined 7% to RM154.95 million.

The company, however, declared a higher dividend per share of 18 sen per share compared to 12 sen in 2023.