Wah Seong Corp Bhd has clinched a RM390m contract for the manufacture, supply, coating and storage of pipes for the Sabah-Sarawak Gas Pipeline (SSGP) project, boosting its order book to a whopping RM1.7b. Wah Seong told Bursa Malaysia yesterday that its unit Petro-Pipe (Sabah) Sdn Bhd signed the contract with Petronas Carigali Sdn Bhd on Tuesday.
The pipes were scheduled for delivery within a year from September, it said, adding that the contract was expected to contribute positively to group earnings for the financial years ending Dec 31, 2008 and 2009. Managing director and group chief executive officer Chan Cheu Leong told StarBiz that the group was in the midst of setting up an integrated pipe coating and manufacturing facility in Kimanis, Sabah. CEO Chan sees good prospects for the group as investments in O&G infrastructure such as pipelines and process equipment would continue to grow, driven by increased demand and the under-investment in O&G infrastructure over the past decade. “The Asia-Pacific and Central Asia are the immediate areas of focus of the group,” he said. Wah Seong rose eight sen to RM2.23 yesterday on volume of 1.7 m shares. (StarBiz)
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