KINERGY Advancement Bhd, via its unincorporated joint venture with Sinohydro Corporation (M) Sdn Bhd, has secured a RM646.3 million contract to build a 120MW power plant facility in Labuan.
The engineering, procurement, construction and commissioning (EPCC) contract was awarded by Rancha Power Sdn Bhd, a joint venture involving Petronas Gas Bhd, Sabah Electricity Sdn Bhd, and Sabah Energy Corporation Sdn Bhd.
KAB said the project, starting May 20, is expected to boost its earnings and strengthen its capabilities in delivering large-scale energy infrastructure.
KAB shares closed unchanged at 33.5 sen today, valuing the group at RM712.6 million. –TMR
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