STOCK SAHAM.CO

Two Kelington units clinch contracts totalling RM262 mil

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KUALA LUMPUR: Two wholly-owned subsidiaries of Kelington Group Bhd have bagged new contracts with a combined value of RM262 million.

Kelington Technologies Sdn Bhd secured a contract amounting to RM170 million from a leading provider of storage services for bulk liquids and gasses. The contract involves engineering, procurement, and construction works of oil product storage tanks for a tank pit expansion project in Port Klang until October 2024.

Kelington Engineering (Shanghai) Co Ltd was awarded a RM92 million contract from an integrated design and manufacturing company specialising in dynamic random-access memory in China for material supply and installation of bulk gas delivery system in Beijing until September 2023.

In a bourse filing on Wednesday (Nov 2), Kelington said its two units secured the contracts on Nov 1. The contracts are expected to contribute positively to the earnings and net assets of the group, with the first for financial years ending Dec 31, 2023 and 2024, and the second for the financial year ending Dec 31, 2023.

Kelington’s share price finished one sen or 0.76% lower at RM1.30 on Wednesday, which translates into a market capitalisation of RM838.8 million.

Source : The Edge Markets

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