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DAYANG (5141) Dayang Enterprise not aware of any extension for Petronas contract

KUALA LUMPUR (Aug 13): Dayang Enterprise Holdings Bhd is not aware of any further extensions to its Pan Hook-up and Commissioning contract (Pan HUC contract).

The group said in a bourse filing that the extension for its five-year contract for the Pan HUC’s Peninsular Malaysia Operations (PMO) had been granted for one year, from June 2019 to May 2019.

“The company wishes to clarify that the extension for the previously-announced five-year contract for Pan HUC PMO (Peninsular Malaysia Operations) for the year 2013 to 2018, was extended for a further one year period from June 2018 to May 2019.

“At the moment, the company is not aware of any further extension,” the group said.

The Edge Weekly, in its current issue no.1279 dated Aug 12-18, 2019, reported Petroliam Nasional Bhd (Petronas) has aborted awarding a multi-billion ringgit integrated hook up and commissioning (IHUC) contract for the second time.

Quoting industry sources, the Edge Weekly reported that the incumbents undertaking the contract, for instance Sapura Energy Bhd, Petra Energy Bhd and Dayang Enterprise Holdings Bhd, among others, could have been given an extension of up to a year on their existing contracts, as a result of the cancellation.

Dayang shares dropped 2.8% or four sen to RM1.38 today, valuing the company at RM1.33 billion. Some 7.61 million shares were transacted.

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