According to its official statement released, Bintai Kinden has bagged a series of sub-contract projects from Petro Flanges & Fittings (PFF).
The contracts were awarded to the company’s sub-subsidiary Bintai Energy to supply piping materials to established oil and gas (O&G) related companies in Malaysia.
Bintai Energy will supply high grade carbon steel or stainless steel pipes, valves, piping accessories to established O&G related companies for maintenance and upgrading works, under the said contract.
The said sub-subsidiary is a 51:49 joint venture between Bintai Kinden’s wholly owned subsidiary, Kejuruteraan Bintai Kindenko and PFF. It is the SPV (Special Purpose Vehicle) identified to supply materials and equipment to the local and international O&G industry including the Middle East via the distributorship channel of PFF.
“With the award, Bintai Energy has secured in total RM4.6 million contracts from PFF since April to supply piping materials to the local O&G related companies,” Encik Azri Azerai, Executive Director of Bintai Kinden said.
“We foresee the demand for piping materials to escalate further in tandem with the recovery in the O&G industry,” he added.
The award is not expected to have any material effect on the issued and paid up share capital of Bintai Kinden but is expected to contribute positively towards the future earnings of the Group.
