Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on March 3, 2020

Marine & General Bhd (+ve)

TRADING of shares in Marine & General Bhd (fundamental: 0.75/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the second time this year. The company’s shares closed two sen or 28.57% higher at nine sen, after some 5.47 million shares were traded, 36 times higher than the counter’s 200-day average trading volume of 150,820 shares.

The group has recently secured two contracts from Petronas Carigali Sdn Bhd totalling RM30 million.

The first contract, secured on Jan 21, is for the provision of an anchor handling tug and supply vessel worth RM16 million. The contract is for a tenure of 363 days, starting from Jan 3.

The second contract, clinched on Feb 13, is for the provision of one offshore support vessel worth RM14 million. The tenure of the contract is for 305 days, starting from mid-February.

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