BUSINESS

MUHIBBAH ENGINEERING SECURES TWO CONTRACTS WORTH RM479 MLN

20/11/2023 07:09 PM

KUALA LUMPUR, Nov 20 (Bernama) -- Muhibbah Engineering (M) Bhd has accepted a contract from Petronas Carigali Sdn Bhd for the construction, commissioning and installation of a lightweight structure project, around 190 kilometres from Terengganu shore, for a contract value of approximately RM318 million.

The engineering company has also been awarded by Lumut Maritime Terminal Sdn Bhd for the proposed construction and completion of the Lumut Maritime Terminal expansion project at Manjung, Perak with a contract value of approximately RM161 million.

In two Bursa Malaysia filings, Muhibbah said that both contracts are expected to contribute positively to the earnings and net assets of the company and its subsidiaries for the current and future financial years.

“The contract is within the normal ordinary business scope of Muhibbah group, so it is not expected to be exposed to any new risks other than those through its existing businesses,” it said.

Muhibbah said the execution of the scope in the Petronas Carigali contract is scheduled to commence immediately and is expected to be completed no later than the end of May 2024.

It added that the contract with Lumut Maritime Terminal is also scheduled to commence immediately and is expected to be completed within 20 months from the commencement and effective date.

-- BERNAMA

 

 


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