MHB (5186) - MMHE soars 7.45% on RM527m RAPID job

KUALA LUMPUR (Dec 23): Shares of Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) ( Valuation: 1.10, Fundamental: 1.65) rose 7.45% at mid-morning today after the company secured a contract for offshore structure fabrication works at the Kumang Cluster gas fields in Sarawak as well as four other contracts for the Refinery and Petrochemical Integrated Development (RAPID) electro-mechanical, piping and structural works worth a total RM527 million.

At 10.16am, MMHE rose 7 sen to RM1.01 with 1.07 million shares done.

In a statement yesterday, MMHE said the contracts were secured via its wholly-owned unit Malaysia Marine and Heavy Engineering Sdn Bhd based on an exchange rate of RM4.30 to the US dollar, awarded by Petronas Carigali Sdn Bhd.

It expects to deliver within a year of the signing of the letter of award.

The contract entails works at the wellhead platform topside and jacket as well as telecommunication and instrumentation system tie-ins of the new F12 platform and existing platform.

MMHE managing director and chief executive officer Tuan Haji Abu Fitri Abdul Jalil said with these latest contracts, MHB has secured an estimated RM975 million worth of projects for the year to date.

The group previously had secured four other contracts for RAPID projects from Toyo Engineering Corporation, Technicas Reunidas, and Punj Lloyd Sdn Bhd.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

MHB (5186) - MMHE soars 7.45% on RM527m RAPID job
http://www.theedgemarkets.com/my/article/mmhe-soars-745-rm527m-rapid-job