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BUSINESS

Kelington secures RM80 mln contract from major semiconductor foundry in China

12/05/2022 08:35 PM

KUALA LUMPUR, May 12 (Bernama) -- Kelington Group Bhd, via its wholly-owned subsidiary Kelington Engineering (Shanghai) Co Ltd, has clinched a contract worth about RM80 million to perform gas hook-up works in Beijing, China.

It said the contract was awarded by China’s largest semiconductor foundry, headquartered in Shanghai.

“Works will commence in May 2022 and are slated to be completed by March 2024,” said the integrated engineering solutions provider in a statement.

Kelington Group chief executive officer Raymond Gan said the contract win has signalled that the semiconductor shortage would remain prevalent in the near term as there is continuous growth in demand for chips, alongside a stretched lead time in building wafer fabrication plants.

“Expansion activities of technological players remain active across our operating markets, especially China and Singapore. We expect to see more projects coming on stream throughout the year and continue bolstering our already elevated order book,” he said.

To date, the group has secured new orders amounting to RM427 million, including the new contract for the financial year ending Dec 31, 2022.

-- BERNAMA


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