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Hot Stock DNeX rises 10% after securing Petronas contract
by Cals Tue 24 May 2016, 01:56
- Hot Stock
[size=28]DNeX rises 10% after securing Petronas contract
By Tan Siew Mung / theedgemarkets.com | May 23, 2016 : 3:38 PM MYTKUALA LUMPUR (May 23): Dagang NeXchange Bhd (DNeX) rose as much as 2.5 sen or 10% to 27.5 sen today, following news that the group has bagged a drilling equipment and services contract from Petronas Carigali Sdn Bhd.
The e-commerce service provider was one of the most actively traded stocks today, with more than 12.09 million shares changed hands.
At 3.03pm, the counter pared some of its gains and was two sen or 8% higher at 27 sen. The current price gives it a market capitalisation of RM205.44 million.
The counter has risen about 22.73% from 22 sen on May 13.
Last Friday (May 20), the company announced to Bursa Malaysia that its 80%-owned subsidiary, DNeX Oilfield Services Sdn Bhd, had received a letter of award from Petronas Carigali for the said contract.
DNeX, however, did not state the value of the three-year contract in its announcement. It merely said the job is expected to contribute positively to its future earnings and net assets.
The contract, to be effective from April 28 this year to April 27, 2019, carries a one-year extension option for Petronas.
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