KUALA LUMPUR: Shares of KNM Group Bhd advanced 5.7% in early trade Friday on heels of its new US$4.25mil contract.
The oil and gas downstream player, one of the most active counters, rose 5.71%, or two sen to 37 sen with 46.9 million shares done. KNM-WB rose 7.55%, or two sen to 28.5 sen.
KNM’s wholly owned subsidiary KNM Process Systems Sdn Bhd has accepted a US$4.25mil (RM17.48mil) purchase order from TPSK Consortium.
The purchase order is for the supply of shop-assembled large drums for the Petrochemical Complex in South of Vietnam – Package A1 – Olefins Plant.
The group said that the supply and delivery duration of the transaction would be in four batches supply and for a period not exceeding 13 months commencing from July 8, 2019.
The transaction is expected to contribute positively to KNM’s earnings for the financial years ending Dec 31, 2019 and 2020.