Quick take: Uzma shares rise 9% on contract news

KUALA LUMPUR: UZMA BHD shares advanced almost 9% in early trade Tuesday following news of its RM23mil contract win.

The oil and gas service and equipment company added 8.89%, or four sen to 49 sen with 1.28 million shares traded. A day earlier, the counter fell 25.5 sen following the fall in oil prices.

Uzma has secured a RM23mil contract from Mubadala Petroleum’s MP B5 (Thailand) Ltd for the provision of coil tubing services.

The contract awarded to Uzma’s wholly-owned subsidiary, MMSVS Group Holding Co Ltd, is valid until Feb 9, 2023 with a two-year extension option.

“This is a strategic win for Uzma to grow its core upstream services in the regional market,” Uzma group chief executive officer Datuk Kamarul Redzuan said in a statement.

The group said that with this contract, it has secured three contracts with an accumulated value of RM160mil since last week.

Source: TheStar