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Hot Stock Wah Seong rises 3.88% on new US$39.5m job
by Cals Tue 08 Dec 2015, 01:21
- Hot Stock
[size=28]Wah Seong rises 3.88% on new US$39.5m job
By Surin Murugiah / theedgemarkets.com | December 7, 2015 : 9:23 AM MYTKUALA LUMPUR (Dec 7): Shares of Wah Seong Corp Bhd ([You must be registered and logged in to see this image.] Valuation: 2.00, Fundamental: 0.65) rose 3.88% in early trade today after it secured a contract valued at about US$39.5 million (equivalent to RM167.24 million; US$1=RM4.2338) from Statoil ASA Norway, for the entire coating work of the Johan Sverdrup Export Pipeline Project (JoSEPP).
At 9.06am, Wah Seong rose 4 sen to RM.07 with 79.900 shares done.
Wah Seong said its pipe coating business unit has been awarded the above contract, and that the scope of works include anti-corrosion coating, internal flow coating and concrete weight coating.
The job involves the coating of approximately 430km of pipes (18-inch and 36-inch), the filing read, which is expected to commence in the last quarter of 2016 and be completed by mid-2017.
The contract is for the provision of pipe coating services, which is the core business of the Wah Seong Corp Group.
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