(MENAFN- Muscat Daily) Muscat- Voltamp Energy Company's shares surged by nearly ten per cent on Sunday as the company announced that the recently awarded RO34mn contracts in Qatar will contribute to the presence of its products in Qatari market.
The company's shares gained nearly 20 per cent since the announcement of the award of two major contracts in Qatar on Tuesday.
Voltamp Energy's subsidiary Voltamp Transformers Oman Co was awarded two contracts worth RO34mn for supplying electric transformers to Qatar General Electricity & Water Corporation (Kahramaa).
'These two contracts include the supply of electrical transformers during the years 2018 and 2019 which will contribute to the presence of these products in the markets of Qatar. This is a promising start to market these products through the agent and representative in Qatar', Voltamp Energy said in a new disclosure filed to the Muscat Securities Market (MSM).
Voltamp Energy said the financial impact of these two contracts will be determined according to demands of electric transformers that Kahramaa will submit for 2018 and 2019 each through its agent.
'Under these contracts, the company will receive the number of purchase orders from the agent in Qatar according to the number and demand determined by Kahramaa. However, we must also bear in mind the fluctuations in prices of copper and electrical steel in the world markets', Voltamp Energy said.
The company added that the Qatari contracts also include technical and electrical testing of transformers at KEMA Laboratories in Netherlands.
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