KUALA LUMPUR (Oct 29): KNM Group Bhd announced on Friday (Oct 29) its indirect wholly-owned subsidiary FBM Hudson Italiana SpA had accepted a purchase order (PO) from Saudi Aramco’s subsidiary Saudi Basic Industries Corp (SABIC) for the supply of a reactor gas-gas exchanger, amounting to approximately RM17.7 million. A gas/gas heat exchanger allows the transfer of a heat quantity recovered from raw gas directly to the clean gas side. A total of 70% of the company’s shares are owned by Saudi Aramco, with the remaining 30% publicly traded on the Saudi Stock Exchange. “The transaction is expected to contribute positively to KNM’s earnings for the financial year ending Dec 31, 2022 (FY22) and FY23,” said KNM. At Friday's noon break, KNM settled half a sen or 2.5% higher at 20.5 sen, valuing the group at RM668.6 million.
