July 22, 2021

Sapura Energy Shares Show 'Stripes' At The Beginning Of Trading

 Sapura Energy Bhd's share price surged in early trading on Thursday on Bursa Malaysia following the acquisition of seven contracts and extensions in Malaysia and Thailand with a total value of RM1.2 billion.

At 10.08am, Sapura Energy shares rose half -a -sen to 13 sen with 10.13 million shares changing hands.

Based on a statement to Bursa Malaysia, Sapura explained that the contract was for the engineering and construction, operations and maintenance and drilling segments.

Subsequently, it assumes the value of new contract proceeds in hand to amount to RM6 billion for the financial year ended 31 Jan 2022.

AmInvestment Bank predicts that the total value of contract proceeds in the hands of the company could increase by 10% to RM13 billion which will further increase its bid value to RM53 billion at present.

According to the investment bank, Sapura Energy is also looking for prospective projects worth up to RM93 billion.