Pestech share price rises after job win

PETALING JAYA: Pestech International Bhd's share price rose 4.54% this morning, after its unit Pestech Sdn Bhd bagged a RM50.23 million contract from the The National Grid Corp of the Philippines (NGCP) to deliver a new 230kV Substation 230kV/115kV facilities in Calamba City, Philippines.
At 10.36am, the stock stood at RM1.61 with 174,400 shares changing hands. It has a market capitalisation of RM1.17 billion.
The group said it had received a notification of award to design, supply, install, test and commission secondary devices including the construction/ erection/ integration of NGCP supplied high voltage equipment.
The project located about 60km away from Manila Ninoy Aquino International Airport in the City of Calamba, Laguna Province, Calabarzon Region, Luzon Island, Philippines is divided into two portions namely offshore, which carries a contract value of US$5.36 million (RM22.67 million) and onshore, worth PHP332.14 million (RM27.56 million).