KUALA LUMPUR: Shares of Handal Resources Bhd rose on Friday morning after securing contract to maintain 19 cranes.
The crane maintenance firm gained 4.17%, or 1.5 sen to 37.5 sen .
Handal has secured a contract to repair and maintain 19 offshore cranes from Repsol Oil and Gas Malaysia Ltd.
The contract, estimated at between RM20mil and RM25mil, was for a primary period of three years from April 10, 2019, with a one-year extension option, Handal said in a statement today.
The actual value depends on Repsol’s maintenance and repair schedule as the contract award is on a "call-out” basis.
"The management views this contract as a milestone for Handal as we continue to build the group and solidify its position in the offshore crane segment,” said managing director Sunildeep Singh Dhaliwal said.
He added that the group’s internal turnaround plans were still ongoing.
"Nonetheless, we will continue to seek new contracts to optimise the group’s earnings,” he said.