KNM, ADAP inks JV for oil, gas & petrochemical projects in Sarawak
07 Jul 2020
KNM Group Bhd’s (KNM) wholly-owned subsidiary, KNM Process Systems Sdn Bhd, has signed a joint-venture (JV) agreement with ADAP Capital Sdn Bhd to form a company in respect of oil, gas and petrochemical project in Sarawak.
In a filing with Bursa Malaysia on Tuesday, KNM said the company would hold 49 per cent equity in the JV company while ADAP would hold the remaining 51 per cent.
“The JV company will engage in engineering, procurement, construction contracts for oil, gas and petrochemical plants; manufacture and supply of process equipment, tanks, piping and structures for oil, gas and petrochemical plants; as well as build, own and operate strategic projects,” it said.
The agreement will be valid for 12 months from the date of execution and may be extended for another period subject to written approval by both parties, it added.
In another development, KNM announced that its group chief executive officer Lee Swee Eng will be retiring starting July 9, 2020.