KUALA LUMPUR: Shares in KNM Group Bhd were boosted in early trade Friday after announcing a RM24mil contract from China National Chemical Engineering Co Ltd (CNCEC).
The counter gained 7.41%, or one sen to 14.5 sen, its highest in three weeks. It is one of the most heavily traded counter with 11 million shares traded.
KNM has ssecured a 40 million yuan (RM24mil) contract from CNCEC to supply vessels for the construction of an integrated petrochemical complex in Kazakhstan.
KNM said the 12-month contract is expected to contribute positively to KNM’s earnings for the financial years ending Dec 31, 2018 (FY18) and 2019 (FY19).
The company said the contract is subject to certain risks, mainly in the power, oil, gas, petrochemical and energy industries.