The Board of Directors of the Company is pleased to announce that Kelington Technologies Sdn Bhd and Kelington Engineering (Shanghai) Co., Ltd., both wholly-owned subsidiaries of Kelington, had on 1 November 2022 secured a new contract respectively with a total combined contract value of approximately RM262 million.
The details of new contracts secured are as follows:
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Kelington Technologies Sdn Bhd
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Kelington Engineering (Shanghai) Co. Ltd.
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Nature of the Contract
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engineering, procurement, and construction works of oil products storage tanks for Tank Pit Expansion Project
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material supply and installation of bulk gas delivery system
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Location/Country
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Port Klang, Malaysia
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Beijing, China
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Contract Value
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approximately RM170 million
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approximately RM92 million post-tax
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Customer
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a leading provider of storage services for bulk liquids and gases
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an integrated design and manufacturing company specialising in dynamic random-access memory in China
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Duration of Contract
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November 2022 – October 2024
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November 2022 – September 2023
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Financial Effect
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The Contract is expected to contribute positively to the earnings and net assets of Kelington for the financial years ending 31 December 2023 and 31 December 2024
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The Contract is expected to contribute positively to the earnings and net assets of Kelington for the financial year ending 31 December 2023
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None of the Directors and/or major shareholders of the Company and/or persons connected to them have any direct or indirect interest in the Contracts.
Other than the normal operational risk associated with the Contracts, the Company does not anticipate any exceptional risk.
This announcement is dated 2 November 2022.