Quick take: Contract win sends KNM shares up 10%

KUALA LUMPUR: Shares of KNM Group Bhd gained 10% in early trade Friday on the heels of its new US$4.86mil job in Bahrain.

The counter, one of the most active, gained 10%, or one sen to 11 sen with 19.3 million shares done.

KNM Group’s wholly-owned subsidiary FBM-KNM FZCO has secured a US$4.86mil contract to supply carbon steel pressure vessels from TTSJV WLL for the BMP Modernisation Programme-Bahrain.

It said that the supply and delivery duration would be for 12 months.

KNM noted that the award was subject to certain risks, mainly in the power, oil, gas, petrochemical and energy industries, but with its vast experience, the group may undertake efforts to mitigate the risks.

Stock on the Move , Oil & Gas , KNM