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Hot Stock Engtex rises on report it is eyeing 20% of water pipe replacement industry

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Hot Stock Engtex rises on report it is eyeing 20% of water pipe replacement industry Empty Hot Stock Engtex rises on report it is eyeing 20% of water pipe replacement industry

Post by Cals Tue 22 Oct 2013, 11:09

Hot Stock Engtex rises on report it is eyeing 20% of water pipe replacement industry
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com   
Tuesday, 22 October 2013 10:39
KUALA LUMPUR (Oct 22):  Shares of ductile water pipe manufacturer Engtex Group Bhd rose at mid-morning on Tuesday follow a report that it was eyeing 20% of the replacement and new markets in the country’s estimated RM5 billion water pipe industry.
At 10.30am, Engtex rose five sen to RM1.53 with 2.29 million shares done. 

Engtex group managing director Datuk Ng Hook in an interview with The Edge Financial Daily said it is no secret the water distribution infrastructure has reached a “red flag” level. 

“Non-revenue water, due mainly to leakage, averaged 37% in 2011, with some states recording even more than 50%, such as Pahang, Sabah, Perlis and Kelantan. 

“In fact, almost half of the water service complaints were largely due to burst pipes and leakage,” he told The Edge Financial Daily in an email interview.
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