BUSINESS

Kelington unit to set up second liquid carbon dioxide plant in Kerteh

11/11/2022 06:25 PM

KUALA LUMPUR, Nov 11 (Bernama) -- Kelington Group Bhd’s 97.19 per cent-owned subsidiary, Ace Gases Sdn Bhd, will invest RM45 million to set up its second carbon dioxide gas recovery plant in Kerteh, Terengganu (P2).

In a filing with Bursa Malaysia today, it said the P2 will be constructed and installed at the existing Kerteh site (P1) to produce beverage-grade liquid carbon dioxide (LCO2).

“The construction of an additional 70,000 tonnes per year of LCO2 manufacturing facilities shall commence in December 2022, and it is expected to be completed by December 2023,” the group said.

Kelington said P1 is currently operating at more than 80 per cent of its capacity and it is the right time to invest in P2 to capture future opportunities.

The growth of the industrial gas business is expected to provide the group with stable recurring income.

It added that the Investment is expected to contribute positively to the earnings and net assets per share of Kelington for the financial year ending Dec 31, 2024.

-- BERNAMA


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