Shares of Rotary Engineering Ltd surged to the highest in nearly nine months after it won a S$300 million ($242.9 million) contract from Tankstore, a petroleum storage company, to carry out work on the expansion of an oil terminal.
Rotary shares jumped as much as 12.8 percent to S$0.615, the strongest intra-day level since early May last year, after a trading halt was lifted. Around 6.6 million shares changed hands, 7.2 times the average full-day volume over the past 30 days.
Rotary will be involved in the engineering design, procurement and construction of an 800,000 cubic metre facility in Pulau Busing, an island off the south-western coast of Singapore, the company said.
With the latest two-year contract, Rotary's order book stands at around S$750 million.