CB Industrial shares rise after clinching RM71.17m Papua New Guinea deal

16 Apr 2019 / 12:50 H.

PETALING JAYA: CB Industrial Product Holding Bhd’s share price rose 1.85% or 2 sen this morning after it secured a RM71.17 million contract from New Britain Palm Oil Ltd.

The stock opened higher at RM1.10 this morning from its RM1.08 closing price yesterday. At midday, it was trading at RM1.10 with 176,200 shares traded.

Yesterday, the group said its wholly owned subsidiary PalmitEco Engineering Sdn Bhd had received a letter of acceptance for the construction of 10 TPH continuous sterilisation mini mill and 40/60 TPH continuous sterilisation pal oil mill at Markham Valley, Papua New Guinea.

The contract is expected to contribute positively to the group’s earnings and net assets per share for the financial year ending Dec 31, 2019 until completion of the works.

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