KUALA LUMPUR (April 10): Shares in Omesti Bhd have risen as much as 6.36% this morning as investors react to its RM95.59 million contract win from Telekom Malaysia Bhd (TM).

At 10.22am, Omesti gained 6.36% or 3.5 sen to 58.5 sen apiece, giving it a market capitalisation of RM291.96 million.

The counter was the 16th most actively traded counter on Bursa Malaysia at the time of writing, with some 18.53 million shares transacted, exceeding its 200-day average trading volume of 2.18 million shares by over eight times.

At the time of writing, the counter has appreciated by 11.54% year-to-date.

In a bourse filing yesterday, Omesti announced that it had secured a RM95.59 million contract from TM to build new business support systems platforms.

The two-year contract will start two weeks from the end of the movement control order.

It also added that the renewal of the application software subscription for the third, fourth and fifth years of the contract is worth RM104.99 million, subject to TM’s approval.

The group is expecting the contract to positively contribute to its top and bottom-line earnings, and net assets for the financial year ending March 31, 2021 (FY21) until the contract’s expiry.