Barakah Offshore Petroleum Bhd (-ve)
TRADING of shares in Barakah Offshore Petroleum Bhd (fundamental: 0.35/3, valuation: 0.9/3) triggered our proprietary momentum algorithm yesterday for the first time in over three years.
Barakah was Bursa Malaysia’s second most active stock yesterday after a total of 141.66 million shares were crossed, nearly 10-fold its 200-day average trading volume of 14.25 million shares.
At the closing bell, the oil and gas services company’s share price was traded half a sen or 3.7% up at 14 sen. Given its current price, the stock has appreciated over 200%, from its low of 4.5 sen in December 2018, valuing Barakah now at RM117.01 million.
The company, which is in the midst of negotiating debt settlement proposals with its lenders and creditors, has announced the securing of two five-year service contracts so far this year, from Petrofac (Malaysia-PM304) Ltd and IPC Malaysia BV.