CBIP upgrades facilities, eyes RM360m new contracts - MD

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SUBANG (Oct 17): CB Industrial Product Holding Bhd (CBIP) is upgrading its existing production facilities, a move which could help the palm oil mill engineering firm secure up to RM360 million worth of new contracts.

CBIP Managing Director Lim Chai Beng said the move was in line with the company's plan to expand its equipment and engineering division.

Lim said "CBIP had set its sight on expanding the market share of the company's equipment and engineering division up to 35% in the next three years."

"The company's current order book of RM500 million will help increase its current market share of 20%," he told reporters after CBIP's extraordinary general meeting here today.

At 2.31pm, CBIP shares rose three sen or 0.7% to RM4.43 for a market capitalisation of RM1.18 billion.