CBIP wins RM60mil deal to supply another mill in PNG

KUALA LUMPUR: CB Industrial Product Holding Bhd (CBIP) has secured a RM60mil contract from East New Britain Palm Oil Ltd’s subsidiary Glory Jade Investments Ltd to supply a continuous sterilisation palm oil mill for the client’s Papua New Guinea (PNG) operations.

The company, which makes palm oil mill equipment and constructs palm oil mills, told Bursa Malaysia that its unit Modipalm Engineering Sdn Bhd had received a letter of award (LOA) for a palm oil mill with a capacity of 60 tonnes per hour for the Narangit Palm Oil Mill at Rabaul district, East New Britain province.

The LOA is expected to contribute positively to the earnings of the CBIP group for the financial years ending Dec 31, 2016 and 2017.

Last year CBIP had clinched a RM46mil contract to supply also a 60-tonnes/hour palm oil mill for the Rimbunan Hijau group in another part of PNG.

CBPI shares gained 5 sen to close at RM2.01 on Friday.