George Kent wins Hong Kong water meters tender worth RM31.19m

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KUALA LUMPUR (Sept 8): George Kent (M) Bhd has clinched a contract for the supply and delivery of 600,000 units of water meters to Hong Kong’s Water Supplies Department (WSD) valued at RM31.19 million.

In a statement posted on Bursa Malaysia today, George Kent said it has today received the Letter of Award from WSD for the supply of water meters to WSD over the next two years.

This is the largest single order for water meters ever obtained in the history of George Kent, the group added.

The engineering company, which specialises in water-related projects, said the meters will be delivered in 24 batches with the first shipment to commence in October 2015.

Commenting on the winning, George Kent’s chairman Tan Sri Tan Kay Hock said the tender award further established the group’s position and reputation as the market leader of world-class and the quality metering products.

“It also serves as an acknowledgement that we are equipped with superior technical expertise and world-class supply chain that enables us to be competitive at an international level,” he added.

George Kent’s water meter manufacturing facility based in Puchong, Selangor, is presently the largest in the ASEAN region with a total production capacity of two million water meters per year.

Currently, the group exports to Singapore, Vietnam, Indonesia, Australia, Cambodia, Sri Lanka, South Africa, Middle East, UK, Puerto Rico, Colombia and Hong Kong.

Shares in George Kent inched down one sen, or 0.71%, to close at RM1.39, for a market capitalisation of RM420.6 million.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)