Thursday, 3 May 2012

Opcom up 3% on Telekom variation order

KUALA LUMPUR (May 3) : Shares of fibre-optic cable manufacturer OPCOM HOLDINGS BHD [] rose as much as 3% after securing an RM82 million variation order from TELEKOM MALAYSIA BHD [].

Opcom shares increased two sen to 77 sen as at 3.20pm with some 108,000 shares done.

The firm said the variation order is expected to augur well for its financials. "The variation order is expected to contribute positively towards Opcom's group earnings and net assets for the remaining period of the contract which is expiring on April 19, 2013," it said in a statement to Bursa Malaysia.

The variation order comes against an existing RM359 million contract with Telekom. Opcom announced that it had secured the RM359 million fiber-to-the-home contract from Telekom in April 2009. In May 2011, it secured a two-year extension for the project till April 19, 2013.

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