KUALA LUMPUR (May 12): Kelington Group Bhd's wholly-owned unit, Kelington Engineering (Shanghai) Co Ltd, has bagged a contract to perform gas hook up works in Beijing, China.

In a filing with Bursa Malaysia, Kelington said the 123 million yuan contract (worth approximately RM80 million), was awarded by China's largest semiconductor foundry.

The engineering solutions provider, however, did not specify the client.

Kelington said the project, commencing in May this year and is expected to be completed by March 2024, will contribute positively to its earnings and net assets in the financial year ending Dec 31, 2022 (FY22), FY23 and FY24.

Kelington's share price fell six sen to close at RM1.09 on Thursday (May 12). This gives the company a market capitalisation of RM703.32 million. Year-to-date, the stock has declined 36.99%.