Quick take: PiCorp jumps 15% on Indonesia contract win

March 22, 2019 editor PiCorp, Progressive Impact, Stock On The Move

KUALA LUMPUR: Progressive Impact Corp Bhd’s (PiCorp) shares jumped more than 15% in early trade Friday after the company secured a RM31mil contract in Indonesia.

PiCorp, one of the most actively traded counters, jumped 15.38%, or two sen to 15 sen with 2.9 million shares done. In the past one year, the counter has fallen some 9.3%. It is trading at a P/E ratio of 60 times

PiCorp said a subsidiary has secured a contract from PT Chevron Pacific Indonesia for environmental sampling and laboratory analysis work in Sumatera.

The estimated total value of the job secured by PT ALS Indonesia is about RM31.3mil.

“The award is a continuity of the existing business that PT ALS has with PT Chevron,” it said.

The contract is effective from April 25 and will commence from June 24 to August 8, 2021.

PT Chevron may extend the contract period by another 36 months to April 24, 2022.

Source : TheStar