Kelington receives RM50mil contract for storage expansion works in Port Klang

KUALA LUMPUR: Kelington Group Bhd's subsidiary Kelington Technologies Sdn Bhd has secured a contract valued at about RM50mil for the engineering, procurement and construction works of oil products storage tankers for the Tank Pit 8 expansion project in Port Klang.

The group said in a statement that the contract value is subject to the final variation and engineering options.

The contract is for a period of 15 months commencing on July 14, 2021, and is epected to be completed by October 2022.

"The Contract is expected to contribute positively to the earnings and net assets of Kelington for the financial years ending 31 December 2021 and 31 December 2022," said Kelington.

According to Kelington CEO Raymond Gan, the group has been receiving a surge in tender invites from existing and new customers from across its key operating markets, which includes Malaysia, as businesses are resuming its expansion activities that were put on hold last year.

"This is a good indicator for us, and should the momentum sustain, we hope to achieve another all-time high orderbook. With the acceleration of the vaccination programme worldwide, we hope to see an improved operating landscape across our key operating markets,” he said in a statement.

At midday break, shares in the company were last traded one sen higher at RM1.17 a share on the back of 1.47 million units exchanging hands.
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Kelington , Port Klang , construction


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