Friday 29 Mar 2024
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KUALA LUMPUR (Sept 21): UEM Edgenta has bagged an engineering services contract from Malaysia Airlines Bhd worth RM6.75 million.

The group said the contract, awarded to its 80%-owned unit KFM Holdings Sdn Bhd Bhd, covers rectification works and making good defects for mechanical and electrical systems, as well as civil and structure services.

The job period is six months, UEM Edgenta said in a filing with Bursa Malaysia, adding that the contract is expected to contribute positively to its earnings and net assets for the financial years ending Dec 31, 2017 (FY17) and FY18.

UEM Edgenta, a total assets and facilities management firm, and Malaysia Airlines are sister companies, and hence the engineering services contract is deemed as a related party transaction.

Khazanah Nasional Bhd, Malaysia’s sovereign wealth fun, wholly owns Malaysia Airlines via Malaysia Aviation Group Bhd and has an effective stake of 69.14% in UEM Edgenta held via UEM Group Bhd.

UEM Edgenta shares dropped 4 sen or 1.49% to RM2.65 today, giving it a market capitalisation of RM2.2 billion.

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