KUALA LUMPUR, July 7 — 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 to undertake oil, gas and petrochemical project in Sarawak.
In a separate bourse filing today, KNM announced that its wholly-owned subsidiary, KNM Process Systems Sdn Bhd, is forming a 49:51 joint venture (JV) company with ADAP Capital Sdn Bhd to participate in the O&G and petrochemical projects in Sarawak.
As for the salient terms of the JV, it was stated that ADAP Capital Sdn Bhd shall be responsible for the business development with clients and state government of Sarawak to secure projects, while KNM shall be responsible for the technical proposal for the projects.
“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. — Bernama
