KNM active, up 22% on securing new contract worth US$6.49m

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KUALA LUMPUR (Feb 14): Shares of KNM Group Bhd rose two sen or 22.22% in active trade early today, following news that it has secured a contract worth US$6.49 million (RM26.38 million).

At 9.32am,KNM was trading at 11 sen, as it topped the most active counter with 56.58 million shares traded. At its current level, KNM shares has rebounded from its record low of seven sen in December 2018.

Yesterday, KNM said its wholly-owned unit KNM Process System Sdn Bhd received the purchase orders for PME-pressure vessels-separators from Dutch firm Single Buoy Moorings Inc (SBM).

The supply is for the latter’s floating production storage and offloading (FPSO) engineering, procurement, construction and installation project in Guyana, South Africa across 13 months, KNM said.