KUALA LUMPUR (July 18): KNM Group Bhd has bagged a US$4.25 million (RM17.48 million) contract to supply shop-assembled large drums for the Petrochemical Complex in southern Vietnam.
This is the second contract it announced this month, following an air cooler heat exchangers contract worth €7.754 million (about RM36.14 million) it announced on July 4.
In a stock exchange filing today, its wholly-owned unit KNM Process Systems Sdn Bhd (KNMPS) has accepted and signed the purchase order (PO) dated July 8, 2019 for the Package A1 – Olefins Plant from TPSK Consortium.
TPSK Consortium is a joint cooperation consortium comprising Technip Geoproduction (M) Sdn Bhd, Technip Stone & Webster Process Technology Inc and SK Engineering & Construction Co Ltd.
The supply and delivery duration would be in four batches of supply and for a period not exceeding 13 months commencing from the PO’s date.
KNM said the job is expected to contribute positively to its earnings for the financial years ending Dec 31, 2019 and Dec 31, 2020.
Shares of KNM Group fell four sen or 10.26% to close at 35 sen today, with 219.81 million shares traded, valuing the company at RM903.25 mllion. Year-to-date, the counter has shot up over five times from 7.5 sen to a 2.5-year high of 40 sen last Tuesday (July 16).