Oiltek International Secures MYR95 Million Worth of Orders; Shares Soar 12%

MT Newswires06-03

Oiltek International (SGX:HQU) through its wholly owned subsidiary, Oiltek, secured contracts worth approximately 94.8 million ringgit in Malaysia, Indonesia and Kenya, according to a filing with the Singapore Exchange on Monday.

The contracts involve construction, fabrication and installation of inside-battery-limits equipment and outside-battery-limits infrastructure for a crude palm oil plant and a new biodiesel plant.

The new contracts bring the companyâs total order book to around 400.5 million ringgit. All orders are expected to be completed over the next 18 to 24 months.

Shares of the company surged nearly 12% in recent trading.

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