KUALA LUMPUR: GFM Services Bhd
's indirect 60 per cent-owned subsidiary, Shapadu CR Asia Sdn Bhd (SCRA), has received a revised release order (RO) from Pengerang Refining Company Sdn Bhd, raising its estimated value by 56 per cent to RM104.2 million.
In a Bursa Malaysia filing today, the integrated facilities management services provider said the revised value represents an increase of RM37.4 million from RM66.8 million announced previously on Aug 4, 2026.
"The RO involves major turnaround work packages at the Pengerang Integrated Complex (PIC) in Johor.
"Following the revision, the combined gross estimated value of four ROs secured by SCRA and two other GFM subsidiaries for PIC's first major turnaround cycle has increased to RM268.7 million,” it said.
Group managing director Ruslan Nordin said the higher SCRA release order value would strengthen the group's energy segment earnings visibility for 2027.
"With four release orders now carrying a combined gross estimated value of RM268.7 million, our priority is to execute these works well and strengthen our position for future maintenance and turnaround opportunities," he said.
The works are expected to commence in March 2027 and contribute positively to GFM's earnings for the financial year ending Dec 31, 2027.
GFM added that the estimated RO values remain subject to adjustment based on the respective clients' requirements. - Bernama
