Quick take: Omesti rises 3% on new contract

TheStar Wed, Nov 25, 2020 09:20am - 3 months ago

KUALA LUMPUR: Shares in Omesti Bhd rose over 3% in early trade after securing a network equipment maintenance contract from Federal Court.

The counter added 3.13%, or 1.5 sen to 49.5 sen. It is trading at a PE ratio of 11.73 times.

Omesti’s unit has secured a two-year contract to provide network equipment maintenance services for the Federal Court’s eCourts Phase 2 project.

The contract, which was awarded by the Federal Court Chief Registrar’s Office to the group’s indirect 51%-owned subsidiary Formis Network Services Sdn Bhd, is worth RM19.88mil.

Omesti said the contract was expected to contribute positively to its revenue, earnings and net assets per share.

The contract is for a duration of two years from Dec 1 to Nov 30, 2022.

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