Muhibbah bags RM300m Pengerang jobs

by **Cals** Tue 01 Dec 2015, 20:38

Muhibbah bags RM300m Pengerang jobs

By Gho Chee Yuan / theedgemarkets.com | December 1, 2015 : 7:48 PM MYT

KUALA LUMPUR (Dec 1): [size=16]Muhibbah Engineering (M) Bhd ([You must be registered and logged in to see this image.] Valuation: 0.80, Fundamental: 1.10) has bagged a RM300 million engineering, procurement, construction and commissioning (EPCC) contract to construct two temporary construction facilities in Pengerang, Johor.

In a filing with Bursa Malaysia today, the oil and gas services provider said Petronas Refinery and Petrochemical Corp Sdn Bhd, a subsidiary of Petroliam Nasional Bhd (Petronas), has awarded the package 20A-3 of the Refinery and Petrochemicals Integrated Development (Rapid) project to the group on Nov 25, but was only acknowledged by the group yesterday (Nov 30).

The EPCC job was for the Petronas Rapid Temporary Village (RTEV) and Petronas Rapid Temporary Management Office, within the RAPID project.

“The construction is scheduled to commence immediately and is expected to be completed by end November 2016," Muhibbah said.

It expects the winning to contribute positively to its earnings and net assets for the current and future financial years.

Muhibbah's share price dropped one sen or 0.45% to close at RM2.22 today, for a market capitalisation of RM1.04 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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