Kelington’s China unit bags contracts worth RM64m

Kelington’s China unit bags contracts worth RM64m
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KUALA LUMPUR (Feb 12): Kelington Group Bhd’s subsidiary in China has bagged RM64 million worth of contracts from the country’s largest semiconductor foundry company.

Wholly-owned Kelington Engineering (Shanghai) Co Ltd will perform base build and gas hook up works at a few locations in Beijing and Tianjin, the engineering services group said.

The two-year contracts commenced on Jan 6, the group added in a filing with Bursa Malaysia.

“The contracts are expected to contribute positively to the earnings and net assets of Kelington for the financial years ending 31 December 2020 and 31 December 2021,” Kelington said.

Shares of Kelington rose four sen or 3.25% to RM1.27 today, valuing the group at RM395.55 million. The counter saw 1.61 million shares traded.