Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 7): Shares of KNM Group Bhd surged as much as 15.8% today after the company bagged a RM581 million contract to undertake engineering, procurement, construction and commissioning (EPCC) works for a waste-to-energy facility in the United Kingdom.
 
As at 4.15pm, KNM shares hit an intraday high of 55 sen, with 140.59 million shares traded. It was the top most active stock on Bursa Malaysia.

In a filing with Bursa Malaysia today, KNM said its wholly-owned subsidiary, KNM Process Systems Sdn Bhd (KNMPS) has accepted a letter of award from  Drenl Ltd to undertake the proposed EPCC works which are valued at £88 million (RM581 million). 

KNMPS has also been awarded the operation and maintenance of the facility subject to the finalisation of the terms and conditions, it added.

"The EPCC contract duration is approximately 27 months commencing after receiving notice to proceed from Drenl," said KNM, adding that the job is expected to contribute positively to KNM Group's earnings for the financial years ending Dec 31 2016, 2017 and 2018. 

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
 

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