KNM accepts RM22.6m contract from PSS Netherlands BV

  • Corporate News
  • Friday, 20 Sep 2019

KUALA LUMPUR: KNM Group Bhd's unit has accepted a US$5.35mil (RM22.63mil) purchase order from PSS Netherlands BV Sharjah Branch for the supply of shell and tube heat exchangers to a major oil refinery in Sriracha, Thailand.

KNM said in a stock exchange filing that the contract is for a period of not longer than 10 months, commencing from the date of the purchase order.

"The Transaction is expected to contribute positively to KNM Group’s earnings for the financial year ending 31 December 2019 and 31 December 2020," it said.

The Sriracha refinery, which is operated by Thai Oil Public Company Ltd, is undergoing a transformation as part of the country's clean fuel project.

PSS Netherlands BV Sharjah Branch, a consortium comprising of Saipem SpA, Samsung Engineering Co Ltd and Petrofac Limited, is tasked with upgrading the said refinery.

Another KNM subsidiary, KNM Process Systems Sdn Bhd, had earlier also received a contract award from PSS Netherlands BV Sharjah Branch for the clean fuel project in Thailand, bringing the total value of contracts received to RM75.63mil.

KNM's share price was unchanged at the end of the morning trading session at 41.5 sen on the back of 26.42 million shares exchanging hands.

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