KUALA LUMPUR (June 20): Kelington Group Bhd has secured a contract worth RMB94 million (about RM62 million) from China's largest semiconductor foundry to perform gas hook-up works in Shanghai, China.

In a bourse filing, Kelington said the job was awarded to its wholly owned Kelington Engineering (Shanghai) Co Ltd, and that it will commence this month and be completed by March 2023.

The contract is expected to contribute to its earnings and net assets for the financial years ending Dec 31, 2022 and 2023.

Shares in Kelington finished four sen or 3.51% lower at RM1.10, giving it a market capitalisation of RM709.77 million. The stock has dropped 36.42% since the start of the year.