KUALA LUMPUR (July 5): Shares in KNM Group Bhd appreciated as much as 5% in active trading this morning following news on its latest contract win worth RM36.14 million.

As of 9:18am, the counter rose as much 3.33% or a sen higher to 31 sen – giving it a market capitalisation of RM774.21 million - marking a one year high for the group, as well as being the most active counter on Bursa Malaysia.

 The counter saw 28.41 million shares traded – with the group’s 52-week volume high being on July 1 where it saw 395.12 million shares traded.

Meanwhile, its 52-week trading volume low was on Nov 16, 2018 where it saw 204,500 shares traded.

KNM’s one year low was on Dec 18, 2018, where it was traded a seven sen a piece.

In terms of analyst coverage, according to Bloomberg the counter has one analyst who covers the stock, placing a trading buy recommendation with a target price of 19 sen.

The group announced yesterday that it’s indirect wholly owned unit secured a contract to supply air cooler heat exchangers worth worth €7.754 million, equivalent to about RM36.14 million, from Technip Italy SpA via a purchase order dated June 28.

The contract involves the design, detailed engineering, fabrication and supply of air cooler heat exchangers as part of expansion and modernisation projects at the Middle East Refining Ltd (MIDOR) managed Middle East Oil Refinery, located in Alexandria, Egypt – with the job to be completed in no more than 14 months from the PO’s date.