Eversendai extends rally to five-year high as investors rack up shares

• On Wednesday, the steel structure fabrication company announced that it has secured four new contracts in Saudi Arabia, the United Arab Emirates and India.

KUALA LUMPUR (March 14): Shares of Eversendai Corp Bhd extended its rally and surged to its highest in five years as investors continued to accumulate the stock following contract wins totalling RM5.4 billion.

Eversendai climbed as much as 16.7% or 6.5 sen to 45.5 sen during the morning session, its highest since January 2019. The counter was trading at 41 sen as of 9.35am, still up two sen or 5.13% after over 87 million shares changed hands on Bursa Malaysia.

No institutional analysts cover the stock.

The trading volume was more than 32 times its 200-day average of 2.69 million shares. The stock was also the second most actively traded stock in terms of volume on Bursa Malaysia.

On Wednesday, the steel structure fabrication company announced that it has secured four new contracts in Saudi Arabia, the United Arab Emirates and India.

The stock nearly doubled, adding 18.5 sen, by Wednesday’s closing bell after the slew of contracts were announced at noon.

The contract value of RM5.4 billion was nearly 18 times higher than Eversendai’s current market value of RM312.63 million. The company’s outstanding order book is now at a record high of RM6.6 billion following the latest wins.

So far this year, Eversendai has surged over 159% and 277% over the past 12 months.

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