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Quick take: WZ Satu up 11% on bagging Petronas Carigali contract

TheStar Thu, Jul 02, 2020 09:30am - 3 months ago

KUALA LUMPUR: Shares in WZ Satu Bhd rose over 11% in early trade Thursday after securing a RM120mil contract from Petronas Carigali Sdn Bhd.

The counter rose 11.63%, or 2.5 sen to 24 sen with 13 million shares traded. WZ Satu-WA added 14.29%, or 1.5 sen to 12 sen with 2.9 million shares done.

A consortium led by WZ Satu has secured a contract worth RM120mil for the provision of engineering, procurement, construction, installation and commissioning (EPCIC) from Petronas Carigali.

WZ Satu's wholly-owned WZS Misi Setia Sdn Bhd and its consortium partner UMD Energy Sdn Bhd accepted the letter of award today.

The contract is for the PM 309 Gas Ledang Redev Segment 2 development project.

The duration of the contract is 16 months and that it is targeted to be completed in October 2021.

WZ Satu said the contract is expected to contribute positively to the future earnings and net assets per share of the company for the financial year ending Aug 31, 2021 to Aug 31, 2022.

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