fbpx

Quick take: Contract win sends KNM shares up 6.6%

KUALA LUMPUR: Shares of KNM Group Bhd rose 6.6% in early trade Friday on the heels of its new RM36mil contract in Egypt.

The oil and gas downstream player gained 6.67%, or two sen to 32 sen. It is the most actively traded counter with 120.65 million shares traded. KNM-WB rose 11.54%, or 1.5 sen to 14.5 sen with 17.9 million shares done.

KNM has secured an air cooler heat exchangers contract worth €7.754 million (RM36.14mil) from Technip Italy SpA. It said its indirect wholly-owned unit secured the job from Technip via a purchase order (PO) dated June 28.

It said the contract involved the design, detailed engineering, fabrication and supply of air cooler heat exchangers as part of the expansion and modernisation projects of the Middle East Oil Refinery located in Alexandria, Egypt, that is managed by Middle East Refining Ltd (MIDOR).

The job is to be completed in no more than 14 months from the PO’s date.

Source: TheStar