Kencana Petroleum Bhd has denied reports it planned to take over Labuan Shipyard and Engineering Sdn Bhd (LSE), a wholly-owned subsidiary of Realmild (M) Sdn Bhd. In a filing with Bursa Malaysia Securities, Kencana said it or any of its subsidiary companies had no intention to take over LSE and neither has there been any talk between the two parties or any relevant authorities on any takeover of LSE by Kencana Petroleum. ??"However, the two parties are exploring possibilities of working together for mutual benefits," it said. Meanwhile, Kencana said its wholly-owned units had secured two contracts worth RM30.7 million. ??Kencana HL Sdn Bhd has secured a RM21.6 million contract from Newfield Peninsula Malaysia Inc for the provision of procurement and construction of the jackets for wellhead platform and central processing platform for PM329 East Piatu Development Project, off Peninsular Malaysia.
Kencana Torsco Sdn Bhd has secured a RM9.1 million contract from Lynas Malaysia Sdn Bhd for the design, fabrication, lining, supply, installation and commissioning of carbon steel and stainless steel tanks on full turn-key basis for Tank Package 3 under Lynas Advanced Materials Project.
"Both contracts are expected to be delivered within the first quarter of 2011 and are expected to contribute positively to the earnings of the group for financial year ending July 31, 2011," it said.
Kencana Torsco Sdn Bhd has secured a RM9.1 million contract from Lynas Malaysia Sdn Bhd for the design, fabrication, lining, supply, installation and commissioning of carbon steel and stainless steel tanks on full turn-key basis for Tank Package 3 under Lynas Advanced Materials Project.
"Both contracts are expected to be delivered within the first quarter of 2011 and are expected to contribute positively to the earnings of the group for financial year ending July 31, 2011," it said.