KKB bags contract worth RM111.6m from Samsung Engineering

KUALA LUMPUR (April 10): KKB Engineering Bhd through its subsidiary OceanMight Sdn Bhd has received a purchase order contract from Samsung Engineering (M) Sdn Bhd.

The contract, which is valued at RM111.6 million, involves the module fabrication and supply of steel structures for the Malaysia Shell R&M Onshore Gas Plant Project in Bintulu, Sarawak.

“The completion date for Samsung Engineering is scheduled to be within the third quarter of 2024,” the company said in a bourse filing on Monday (April 10).

KKB added that the contract will have no effect on share capital, and is expected to contribute positively towards its earnings and net assets for the duration of the contract.

“To the best of our knowledge, none of the directors and/or major shareholders and/or persons connected with them have any interest, direct or indirect, in the above-mentioned contract,” it added.

At the noon break on Monday, KKB’s share price stood unchanged at RM1.40, giving it a market capitalisation of RM404.22 million.