PETALING JAYA: CB Industrial Product Holding Bhd has clinched a RM71.17 million contract from New Britain Palm Oil Ltd.
CB Industrial said in a filing with Bursa Malaysia that its wholly owned subsidiary PalmitEco Engineering Sdn Bhd had received letter of acceptance (LOA) dated April 11.
It includes the construction of 10 TPH continuous sterilisation mini mill and 40/60 TPH continuous sterilisation palm oil mill at Markham Valley, Papua New Guinea.
The works for the 10 TPH continuous sterilisation mini mill is targeted to be completed by November 2019 or within seven months from the date of site possession whichever is later while the works for the 40/60 TPH continuous sterilisation palm oil mill is targeted to be completed by February 2021 or within 20 months from the date of site possession whichever is later.
CB Industrial said the LOA is expected to contribute positively to its earnings and net assets per share for the financial year ending Dec 31 onwards until completion of the works.