Which unit of KNM Group secured the RM36.14 million contract?

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Accepted Answer

FBM Hudson Italiana S.p.A. secured the RM36.14 million contract in Egypt.

KNM Group Bhd's Italian unit, FBM Hudson Italiana S.p.A. (FBMHI), was awarded a contract valued at RM36.14 million. This contract involves the design, detailed engineering, fabrication, and supply of air cooler heat exchangers. The award led to KNM Group's shares becoming the most actively traded on Bursa Malaysia, with its share price rising by 6.67 per cent.
Contract Details and Scope

The RM36.14 million contract was secured by FBMHI from Technip Italy S.p.A. via a purchase order. This order is specifically for the expansion and modernisation projects of the Middle East Oil Refinery, located in Alexandria, Egypt. The refinery is managed by Middle East Refining Ltd.
Project Timeline

The duration for the design and supply of the air cooler heat exchangers under this purchase order is stipulated to not exceed 14 months from its official date. This timeframe indicates a focused and relatively short-term engagement for the fabrication and delivery of the specified equipment.
Market Reaction to the Contract Win

Following the announcement of the contract win, KNM Group Bhd experienced significant activity on the stock market. At 10:20 AM, the company's shares had risen by two sen, reaching 32 sen, with a substantial volume of 144.19 million shares changing hands. Additionally, KNM's warrants also saw increased trading, gaining one sen to trade at 14 sen, with 23.18 million warrants traded.

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Which unit of KNM Group secured the RM36.14 million contract?

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