KUALA LUMPUR (Dec 6): Kelington Group Bhd announced on Monday (Dec 6) that its wholly-owned subsidiary Kelington Engineering (S) Pte Ltd had on Thursday (Dec 2) received an estimated RM85 million contract from a customer who is a global leader in engineering and project management of high-technology facilities.

"The board of directors of the company (Kelington Group) is pleased to announce that Kelington Engineering, a wholly-owned subsidiary of Kelington, had on Dec 2, 2021 received an award of contract from the customer who is a global leader in engineering and project management of high-technology facilities to undertake the specialty gas system distribution works for a world leader in innovative memory solutions’ fabrication facilities in Singapore," Kelington Group said in a Bursa Malaysia filing.

Kelington Group however did not specify the names of the customer and the world leader in innovative memory solutions.

According to Kelington Group, the contract, which starts immediately in December 2021 and is expected to be completed by August 2023, involves design, supply, delivery, installation, testing and handing over of the gas distribution system.

"The contract is expected to contribute positively to the earnings and net assets of Kelington (Group) for the financial years ending Dec 31, 2022 and 2023," Kelington Group said.

At Bursa's 12:30pm break on Monday, Kelington Group's share price settled down one sen or 0.63% at RM1.59, valuing the company at about RM1.01 bilion.

Kelington Group has 637.11 million issued shares, according to its latest quarterly financial report.