Quick take: KNM shares rise on contract news

KUALA LUMPUR: Shares in KNM Group Bhd were boosted in early trade Tuesday after announcing contracts worth RM97.7mil.

The oil and gas downstream player, which specialises in process-equipment manufacturing, rose 2.6.%, or 0.5 sen to 19.5 sen with 6.9 million shares done.

KNM announced that it has secured three contracts in Vietnam, Belgium and Johor worth approximately RM97.72mil combined via its subsidiaries.

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 of Vietnam, worth US$12.77mil (RM53.44mil). 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$4.47mil (RM18.68mil), secured by its indirect wholly-owned FBM Hudson Italiana SpA (FBM).

FBM was also awarded a technical goods and work purchase contract for the engineering, procurement, manufacturing, inspection, testing and delivery of oleflex reactors for the New European PDH Project at Borealis Production site in Kallo, Antwerp in Belgium with a value of €5.45 million (RM25.59mil) from Borealis Kallo N.V.

Source: TheStar