This article first appeared in The Edge Financial Daily, on December 22, 2015.

KUALA LUMPUR: Handal Resources Bhd said its wholly-owned subsidiary Handal Offshore Services Sdn Bhd has secured a RM22 million contract for the provision of offshore crane maintenance and repair services from Talisman Malaysia Ltd.

In a filing with Bursa Malaysia yesterday, Handal said the contract is for an initial duration of two years with an extension option of one year. The contract is effective Dec 10, 2015.

“The contract is expected to contribute positively to revenue and earnings and net assets per share of the Handal group for the financial year ending 2015,” said the group.

Year to date, the counter has fallen 2.94%, outperforming the FBM KLCI’s 7.53% decline during the same period, according to Bloomberg data. Handal shares rose two sen or 6.06% yesterday to close at 35 sen, with a market capitalisation of RM55.96 million.