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

MT Newswires2024-11-29

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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