KUALA LUMPUR (Jan 25): KNM Group Bhd’s Italian unit has clinched RM30.22 million in contracts for a plant in the United States.
In a bourse filing, the process equipment manufacturer’s unit FBM Hudon Italiana SpA, which manufacturers process equipment such as condensers, spheres and process tanks, inked two agreements with Dutch oil and gas (O&G) firm Stamicarbon BV to supply a high-pressure carbanate condenser and a high-pressure stripper.
The contracts are expected to contribute to KNM’s earnings for the financial year ended Dec 31, 2021 (FY21) and FY22.
“Having considered all aspects of the transactions, the board of directors is of the opinion that the transactions are in the best interest of KNM,” the group said.
Shares in KNM finished 2.63% or half a sen down at 18.5 sen, valuing it at RM554.18 million. It saw 15.74 million shares done.