Nam Cheong jumps 15.07% after RM1.2 billion in contract wins

MT Newswires

29 Nov 2024

Shares of mainboard-listed Nam Cheong surged on Friday (Nov 29) morning. As at 9.20 am, the counter rose 19.2 per cent or S$0.07 to S$0.435, with about 1.6 million shares changing hands.

The share price later eased to S$0.420, still up 15.07 per cent or S$0.055, as at 13.32 am, with 2.6 million securities having been transacted. No married deals were recorded in early trade, based on ShareInvestor data.

Nam Cheong (SGX:1MZ) has secured multi-year charter contracts worth up to 1.22 billion ringgit from regional and international oil majors, according to a Thursday filing on the Singapore Exchange.

The contracts, starting in 2025, span three years with extension options, covering 12 vessels, or one-third of Nam Cheong's fleet.

Nam Cheong said the deal bolsters its presence in Southeast Asia's oil and gas market, leveraging Sarawak's status as a key production hub with over 60% of Malaysia's reserves.

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As at 9.20 am, the counter rose 19.2 per cent or S$0.07 to S$0.435, with about 1.6 million shares changing hands.</p><p style=\"text-align: start;\">The share price later eased to S$0.420, still up 15.07 per cent or S$0.055, as at 13.32 am, with 2.6 million securities having been transacted. 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As at 9.20 am, the counter rose 19.2 per cent or S$0.07 to S$0.435, with about 1.6 million shares changing hands.</p><p style=\"text-align: start;\">The share price later eased to S$0.420, still up 15.07 per cent or S$0.055, as at 13.32 am, with 2.6 million securities having been transacted. No married deals were recorded in early trade, based on ShareInvestor data.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e1057a5ec7ca89001e785387d213733b\" tg-height=\"491\" tg-width=\"664\"/></p><p>Nam Cheong (SGX:1MZ) has secured multi-year charter contracts worth up to 1.22 billion ringgit from regional and international oil majors, according to a Thursday filing on the Singapore Exchange.</p><p>The contracts, starting in 2025, span three years with extension options, covering 12 vessels, or one-third of Nam Cheong's fleet.</p><p>Nam Cheong said the deal bolsters its presence in Southeast Asia's oil and gas market, leveraging Sarawak's status as a key production hub with over 60% of Malaysia's reserves.</p>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6522","symbol_name":"化石燃料股","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2487329763","we_media_id":"1060499803","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2487329763","pubTimestamp":1732859387,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"MT Newswires","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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No married deals were recorded in early trade, based on ShareInvestor data.Nam Cheong (SGX:1MZ) has secured multi-year charter contracts worth up to 1.22 billion ringgit from regional and international oil majors, according to a Thursday filing on the Singapore Exchange.The contracts, starting in 2025, span three years with extension options, covering 12 vessels, or one-third of Nam Cheong's fleet.Nam Cheong said the deal bolsters its presence in Southeast Asia's oil and gas market, leveraging Sarawak's status as a key production hub with over 60% of Malaysia's reserves.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0}}}