Bintai Kinden secures subcontract jobs worth RM1.6m

KUALA LUMPUR (April 26): Bintai Kinden Corporation Bhd has secured a series of subcontract projects worth RM1.6 million from Petro Flanges & Fittings Sdn Bhd (PFF).

In a bourse filing on Tuesday (April 26), Bintai Kinden said the contracts were awarded to its subsidiary Bintai Energy Sdn Bhd to supply piping materials to established oil and gas (O&G) related companies in Malaysia.

It said the job scope encompasses supplying pipes, valves, fittings and flanges for onshore and offshore pipeline projects.

Bintai Energy is a 51:49 joint venture between Bintai Kinden and PFF.

It is a special-purpose vehicle set up to supply materials and equipment to the local and international O&G industry, including the Middle East, via the distributorship channel of PFF.

Bintai Kinden executive director Azri Azerai said the award is Bintai Energy’s maiden contract to supply piping materials to local O&G related companies.

“The O&G industry has staged a strong recovery with higher crude oil prices.

“We are seeing an upward trend in all segments.

“There are a few more opportunities in the pipeline that we are currently working hard on and we hope to deliver more good news in the near future,” he added.

At the midday break on Tuesday, Bintai Kinden was 3.85% or half a sen higher at 13.5 sen, with 24.64 million shares traded.