KNM gets RM101m Myanmar LPG contract

KUALA LUMPUR (March 1): KNM Group Bhd announced today its unit has secured an engineering, procurement and construction contract worth US$24.87 million (approximately RM101.35 million) for a liquefied petroleum gas (LPG) facility in Myanmar.

In an exchange filing today, KNM said the its wholly-owned unit KNM Process Systems Sdn Bhd received the complete executed lump sum turnkey contract today with CECA Gold Company Ltd.

The contract is for the engineering, procurement and construction of a liquefied petroleum gas receiving, tanking, storage and bottling facility in Kyaut Tan Township Thilawa, Myanmar.

“The lump sum turnkey contract pertains to the engineering, procurement and construction of a turnkey LPG receiving, tanking, storage and bottling facility and further to test, pre-commission, commission and start-up the said facility within the period of years 2020 to 2021,” read the filing.

CECA Gold is a Myanmar conglomerate in the business of manufacturing, trading and distribution and providing turnkey solutions together with Jofu Holdings, a reputable Singapore firm as a joint venture for LPG importation and distribution business in Myanmar.

KNM said the contract is expected to contribute positively to KNM Group’s earnings for the financial years ending Dec 31, 2019 to 2021.

Shares in KNM edged up half a sen or 5.56% today to close at 9.5 sen, for a market capitalisation of RM222.88 million. A total of 13.61 million shares were traded.

Source: The Edge Market

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