Quick take: KKB Engineering shares rise on Petronas Carigali

January 7, 2020 editor KKB Engineering

KUALA LUMPUR: Shares of KKB Engineering Bhd rose in early trade Tuesday, after the company announced that it had secured a contract from Petronas Carigali Sdn Bhd.

The engineering group, one of the top gainers on Bursa Malaysia, added 3.57%, or five sen to RM1.45. It is currently trading at a PE ratio of 21.18 rimes.

KKB Engineering has secured a job from Petronas Carigali to provide engineering, procurement, construction, commissioning (EPCC) and installation of Wellhead Platform for BKD-A and Host Tie-In Modification at BNCPP-B Topsides — Bakau Non-Associated Gas Development Project.

KKB said its subsidiary OceanMight Sdn Bhd had received a letter of award from Petronas Carigali for the job.

It said the project execution period is 19 months.

“A formal agreement for the said contract will be executed in due course.”

The contract is expected to contribute positively towards KKB’s earnings and net assets for the duration of the contract.

Source: TheStar