KNM active, up on bagging RM52m job

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KUALA LUMPUR (Oct 21): KNM Group Bhd rose as much as 2.2% in active trade this morning after it said its indirect unit FBM-KNM FZCO accepted a US$12.31 million (RM51.48 million) purchase order from Petrofac Emirates LLC to supply pressure vessels and columns for a development project in the southeast of Algiers, Algeria.

At 11.45 am, the group rose half a sen to 46 sen, valuing it at RM1.81 billion. The stock saw 24.1 million shares traded, making it the 10th most actively traded counter on Bursa Malaysia.

The group said the purchase order is expected to contribute positively to its earnings for the financial years ending Dec 31, 2019 (FY19) and FY20.