CREST Petroleum ended 11 sen lower at RM2.67 on volume of 70 lots yesterday. Dealers said Monday's disclosure by Crest Petroleum that refurbishment and repair works on its offshore drilling rig had been suspended due to non-payment of invoices totalling US$3.15mil had raised concerns about the company's financial health. The upgrading work in the US was to have been completed by end-2002, but so far only 70% has been finished. The company said the non-payment was due to the suspension of a term loan facility of US$35mil taken to part-finance the US$50mil project. For latest Crest Petroleum share prices and charts click here
ROAD Builder reversed a three-day losing streak to end 2 sen higher at RM3.04 yesterday. The stock had opened 4 sen higher than Monday's close on news that the company had secured a water supply project in Kelantan worth RM65.5mil. Analysts viewed the new job as part of Road Builder's regular efforts to replenish its order book, currently worth RM1.5bil. The Kelantan contract is expected to enhance Road Builder's net profit by 1% in the current financial year ending June 30. For latest Road Builder share prices and charts click here
For latest Crest Petroleum share prices and charts click here
