News

KNM unit accepts US$12.31 mln order for a project in Algeria

KUALA LUMPUR, Oct 18 -- KNM Group Bhd indirect wholly-owned subsidiary, FBM-KNM FZCO has accepted a purchase order from Petrofac Emirates LLC for the supply of pressure vessels and columns worth US$12.31 million (approximately RM51.48 million) for the Ain Tsila development project in the southeast of Algiers, Algeria.

In a filing to Bursa Malaysia today, KNM said the total supply and delivery duration of the transaction is for a period not exceeding Nov 8, 2020.

KNM said the transaction is subject to certain commercial and financial risks, mainly in the power, oil, gas, petrochemical, and energy industries.

“These include changes in general economic conditions such as, but not limited to inflation, environmental, health and safety regulations, taxation, foreign exchanges, interest rates, labour and material supply, changes in business and operating conditions such as, but not limited to government and statutory regulations and deterioration in prevailing market conditions.

“KNM is already operating in these industries. Hence, it would continue to be exposed to risk factors that they currently face whilst operating in these industries,” it said.

-- BERNAMA

 

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