Wasco rises after bagging US$200mil contract
Oil and gas (O&G) services provider Wasco Bhd rose to its highest level in nearly a year after clinching a contract valued at up to US$200 million (RM826 million).
Despite the lukewarm prospects of the energy sector, research houses see its recent job replenishments as positive for its revenue and earnings sustainability.
Wasco’s shares were up as much as six sen or 6% to RM1.09, its highest level since January this year. It closed 2% higher at RM1.05, valuing the group at RM813.6 million.
The stock has risen in seven of the past eight trading sessions, adding over 20% to its value. Investor sentiment has been boosted recently by positive results in its latest quarter and the spin-off listing of its renewable unit Wasco Greenergy Bhd.
The company formerly known as Wah Seong Corp Bhd announced yesterday a contract for the fabrication and assembly of…
