Shares of Singapore’s oil and gas services firm See Hup Seng soared as much as 12%, after it said its subsidiary had won a new five-year contract from its principal supplier to package and sell asphalt, reported Reuters.
By 9:55 a.m., shares of See Hup Seng were 9.8% higher at $0.28 with more than 24.9 million shares traded versus its average daily volume of 15.3 million over the last five sessions.
By 9:55 a.m., shares of See Hup Seng were 9.8% higher at $0.28 with more than 24.9 million shares traded versus its average daily volume of 15.3 million over the last five sessions.
See Hup Seng said on Wednesday its wholly-owned subsidiary TAT Petroleum secured the contract from its principal supplier, one of the world’s largest refiners of petroleum products, but did not name the company or the value of the contract.
“Investors are expecting the contract to provide a boost to the company’s earnings,” said a local trader.
See Hup Seng said although the contract will not contribute significantly to its earnings this year, it is projected to have a larger and positive impact from 2013.
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