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Friday, February 17, 2017

CB Industrial bags RM67m worth of jobs to build Indonesian palm oil mill

By Sangeetha Amarthalingam / theedgemarkets.com | February 17, 2017 : 7:05 PM MYT

KUALA LUMPUR (Feb 17): CB Industrial Product Holding Bhd (CBIP) has bagged two contracts totalling RM67 million from PT Lifere Agro Kapuas, a subsidiary of United Malacca Bhd, for imports of materials and equipment as well as works involving the construction of a new palm oil mill in Kalimantan, Indonesia.

In a filing with Bursa Malaysia today, CBIP said its wholly-owned subsidiary PalmitEco Engineering Sdn Bhd has received a letter of acceptance (LOA) from PT Lifere Agro Kapuas to execute and complete the two tasks.

“The LOA is expected to contribute positively to the earnings of CBI for the financial years ending Dec 31, 2017 and 2018. The company does not foresee any exceptional risk other than normal operational risk associated with the LOA,” it said.

CBIP shares fell one sen or 0.47% to close at RM2.14 today, for a market capitalisation of RM1.1 billion.

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