The Board of Directors of the Company is pleased to announce that Kelington Technologies Sdn Bhd (“KTSB”), a wholly-owned subsidiary of Kelington had on 14 July 2021 received an award of contract from Stolthaven (Westport) Sdn. Bhd. to undertake the engineering, procurement, and construction works of oil products storage tanks for Tank Pit 8 Expansion Project at Port Klang (“the Contract”).

The Contract value is worth approximately RM50 million subject to the final variation and engineering options.

The Contract is for a period of 15 months commencing from 14 July 2021 and expected 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. 

None of the Directors and/or major shareholders of the Company and/or persons connected to them have any interests, direct or indirect in the Contract.

The Company does not foresee any exceptional risk other than normal operational risk associated with the Contract.

This announcement is dated 15 July 2021.