KUALA LUMPUR (Oct 6): KKB Engineering Bhd said it is partnering with Samsung’s construction arm in tendering for construction projects around the globe.

In a bourse filing, KKB said its subsidiary Oceanmight Sdn Bhd has entered into a memorandum of understanding with Samsung Engineering Co Ltd.

Both parties have agreed to cooperate in the preparation, submission and negotiation of tenders for projects worldwide, which may involve specialized scope of work and supply.

OceanMight is a Petronas-licensed company for fabrication yard for offshore facilities construction.

KKB's core business is steel fabrication under its engineering segment, which also includes civil construction and hot dip galvanizing.

The group’s manufacturing sector, meanwhile, comprises LP gas cylinders manufacturing, mild steel cement lined  pipes and mild steel polyurethane pipes.

In a previous filing, the group said its net profit shrank 43.35% to RM2.47 million for the second quarter ended June 30, 2021, from RM4.36 million a year earlier, dragged by lower margin for its steel pipes manufacturing division on the back of lower revenue.

Revenue for the quarter dropped 9.14% to RM81.05 million from RM89.20 million.

Shares in KKB closed up four sen or 3.01% at RM1.37 on Wednesday, for a market capitalisation of RM353 million.