Tanjung Offshore Bhd group, whose share price has been on a steady climb, has received a purchase order worth RM8 million from Punj Lloyd Oil and Gas (Malaysia) Sdn Bhd and Farab International FZE, respectively, for the provision of air compressor packages.
In a Bursa filing yesterday, Tanjung said its subsidiaries Tanjung Offshore Services Sdn Bhd (TOS) and Gas Generators (M) Sdn Bhd were in the midst of satisfying the scope of work for the purchase order that involves engineering, assembly, testing and delivery of the air compressor packages.
Meanwhile, the stock has been rising steadily since late last month upon the entry of Ekuiti Nasional Bhd (Ekuinas), the government-linked private equity fund manager, as a strategic shareholder with the proposed acquisition of a 20% stake in the oil and gas services provider for RM73.45 million cash or RM1.30 per share.
Notably, Tanjung’s share price jumped above Ekuinas’ entry cost, rising 10 sen to RM1.40 last Friday. Yesterday, it rose another six sen or 4.3% to hit a fresh three-month high of RM1.48.
This article appeared in The Edge Financial Daily, July 20, 2010.
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