Quick take: Coastal Contracts shares at 11 months high

KUALA LUMPUR: Shares in Coastal Contracts Bhd rose to its highest in 11 months in early trade Friday after winning a project to build a gas plant in Mexico.

The counter added 3.13%, or 2.5 sen to 82.5 sen, its highest since March 2020. It has risen some 14.6% so far this year.

Coastal Contracts and its Mexican joint venture partner has secured a project to build a RM258.7mil gas processing plant in Mexico.

The onshore gas "sweetening" plant project, to be constructed at Ixachi field in Veracruz, is for Petroleos Mexicanos (Pemex), the Mexican state-owned petroleum company.

Coastal Contracts said it has a 50% equity interest in the joint venture, while its Mexican business partner, Grupo Empresarial Alfair SAPI de CV, part of the Nuvoil Group of companies, will hold the remaining 50% stake.

The plant will have a processing capacity of up to 180 mmscf of wet sour gas a day.

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