Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on May 28, 2019

KUALA LUMPUR: KNM Group Bhd has secured three contracts in Vietnam, Belgium and Johor worth approximately RM97.72 million combined.

In a statement to Bursa Malaysia, it said the first contract was a purchase order from TPSK consortium to supply shop-assembled large columns for Package A1 of a petrochemical complex in south Vietnam worth US$12.77 million (RM53.44 million). The job was secured by its wholly-owned unit KNM Process Systems Sdn Bhd.

The second contract is for the supply of reactor effluent air condensers to Sinopec Engineering (Group) Co Ltd at the Petronas RAPID Project in Pengerang, Johor for US$4.47 million (RM18.68 million), secured by its indirect wholly-owned FBM Hudson Italiana SpA (FBM).

FBM has also been awarded a technical goods and works purchase contract for the engineering, procurement, manufacturing, inspection, testing and delivery of oleflex reactors for the New European PDH (propane dehydrogenation) project at the Borealis production site in Kallo, Antwerp, Belgium.

The contract — awarded by petrochemicals group Borealis Kallo NV — amounted to €5.46 million (around RM25.59 million), said KNM.

KNM’s share price slipped one sen or 5% to close at 19 sen apiece yesterday, giving the group a market capitalisation of RM450.19 million. The counter has gained 137.5% since the beginning of the year.

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