KNM Group Bhd, which manufactures and services oil and gas (O&G) equipment, has been awarded a RM13.4 million contract to construct a pre-fabrication tank for a combined cycle power generating facility with a capacity of up to 1,200MW at Pulau Indah, Selangor.
KNM stated in a stock exchange filing on Tuesday that PEC Powercon Sdn Bhd awarded the contract to its wholly-owned subsidiary KNM Process Systems Sdn Bhd (KNMPS), which is slated to deliver the tank in 11 months. PEC Powercon is primarily engaged in the construction of buildings.
According to KNM, KNPMS is involved in the design, engineering, procurement, and manufacturing of process equipment, such as pressure vessels, reactors, columns and towers, drums, heat exchangers, air finned coolers, and process tanks.
On Tuesday, KNM shares closed 2.04% or half a sen higher at 25 sen per share, giving the group a market value of RM832.01 million. It saw the issuance of 161.73 million shares.
The stock has increased 31.58 percent in the last year from its September 29, 2020 closing price of 19 sen.
Published by Zack Baharum