Contract win sends DNeX shares up 2.6%

KUALA LUMPUR: Shares in Dagang Nexchange Bhd (DNeX) rose 2.63% in early trade on the back of two contracts worth RM12mil job to repair submarine cables.

DNeX gained 2.63%, or one sen to 39 sen with 3.37 million shares done.

The company said its unit has won two contracts worth an aggregate sum of US$2.78mil or RM11.55mil to repair submarine cables laid in the Philippines and Indonesian water.

DNeX said its 51%-owned subsidiary DNeX Telco Services Sdn Bhd accepted the award today from Indonesian submarine cable system services provider Pt Bina Nusantara Perkasa (BNP), to carry out the works for cable ship KDDI Pacific Link.

The project, effective today, will be valid for a principal of 29 days, with an option for extension of up to 35 days.

Stock on the Move , DNeX