Malaysia Marine and Heavy Engineering Holdings Bhd (+ve)
TRADING of shares in Malaysia Marine and Heavy Engineering Holdings Bhd (fundamental: 0.95/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time this year. The stock closed 7.5 sen or 8.62% higher at 94.5 sen, with 20.04 million shares done, compared with the 200-day average trading volume of 523,096 shares.
On Tuesday, the group said its wholly-owned unit Malaysia Marine and Heavy Engineering Sdn Bhd had secured a contract from Petronas Carigali Sdn Bhd for engineering, procurement, construction, installation and commissioning works for the Kasawari Gas Development project.
The project includes the construction of 47,000 tonnes of central processing platform (CPP), 8,600 tonnes of wellhead platform (WHP) and a flare structure, together with two bridges linking the CPP with the WHP and the flare structure. The contract also involves the transportation and installation of an 85km pipeline linking the Kasawari CPP with the existing E11R-A platform.