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Wooyang HC Shares Rise on News of Reliance Deal

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Thursday, September 12th, 2013
SEOUL, KOREA- The share price of Wooyang HC is on the rise. At 1:35 pm on September 11, the shares of the the manufacturer of heat exchangers, columns, towers, and pressure vessels were traded at 7,890 won, up 2.07 percent from the previous day's 7,730 won.
 
In a regulatory filing on the 11th, the company said that it signed an agreement to supply heat exchangers to a monoethylene glycol plant being built by Reliance Industries Ltd. of India. The supply volume is worth 9.7 billion won, accounting for 4.8 percent of the company's second-quarter sales revenue.
 
A company official said, "The latest contract was a meaningful milestone for us because it was commissioned by an end user and the order required a highly complicated process including the use of tubes with a special copper-nickel alloy and an internal radius of 4.6 meters."
 
Shinhan Investment Corp. analyst Choi Seok-won said, "It is highly likely that Wooyang will win another large-scale order from Shevron in the latter half. Wooyang is one of the few plant equipment stocks with high growth and profitability potential."

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