PETALING JAYA: Muhibbah Engineering (M) Bhd
(MEB) has entered into a protocol of delivery and acceptance contract with a service company in South-East Asia for the sale of an offshore supply vessel built by MEB for RM74mil.
Barring any unforeseen circumstances, MEB said the contract is expected to be completed by the first quarter of next year.
“The contract is expected to contribute positively to the earnings and net assets of MEB group. The contract does not have any impact on the share capital and/or shareholding structure of the company.
“The board, after considering all the relevant factors, is of the opinion that the contract is in the best interest of MEB group,” it said.
MEB is involved in the provision of engineering and construction services for oil and gas, marine, infrastructure, civil and structural engineering projects.
For the third quarter of this year MEB reported a net profit of RM14.13mil compared with a net loss of RM4.4mil before.
