BUSINESS

Kelington's subsidiary clinches two new contracts totalling RM262 mln

02/11/2022 07:31 PM

KUALA LUMPUR, Nov 2 (Bernama) -- Integrated engineering solutions provider, Kelington Group Bhd, has clinched two new contracts totalling approximately RM262 million.

In a statement, the company said its wholly-owned subsidiary, Kelington Technologies Sdn Bhd, has secured engineering, procurement and construction works of oil products storage tanks for Tank Pit Expansion Project worth approximately RM170 million.

Under the contract, it said Kelington Technologies would provide turnkey design and build services for a bulk liquid terminal in Port Klang from a leading provider of bulk liquids storage services.

It said the contract would commence in November 2022 and is slated for completion by October 2024.

The second contract, it said was won by another of its wholly-owned subsidiary, Kelington Engineering (Shanghai) Co Ltd, to undertake the material supply and installation of bulk gas delivery system for a semiconductor plant in Beijing.

It said the contract, worth approximately RM92 million, was awarded by an integrated design and manufacturing company, specialising in dynamic random-access memory, and carried a duration of 10 months, commencing in November 2022 until September 2023.

Kelington said the addition of these two contracts would bring its new orders secured year-to-date to RM1.62 billion, which elevated Kelington’s current outstanding orderbook to RM2.22 billion.

Chief executive officer Raymond Gan said the group is confident of delivering a favourable financial performance in the coming years supported by its strong orderbook.

“We continue to work hard to maintain our growth momentum by winning new contracts across our key operating markets,” it said.

It said these two contracts are expected to contribute positively to the earnings and net assets of the group for the financial years ending Dec 31, 2023 and 2024, respectively.

“These two new contracts also demonstrated our established track record to clinch process engineering and ultra-high purity related projects from reputable international corporations across the non-semiconductor and semiconductor industries,” he added.

-- BERNAMA 

 

 


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