Corporate results : KKB, Petra Energy, AZRB and Permaju Industries

KKB Engineering bags two contracts worth RM29m 
KKB Engineering Bhd has sealed two contracts worth a total RM29 million for the supply of pipes and fittings over a nine-month period from Sinohydro Corp (M) Sdn Bhd. It also received an additional purchase order for the supply of steel products from Syarikat SESCO Bhd for a four-month period, its exchange filing yesterday noted. 

Petra Energy bags Petronas contract for maintenance works
Petra Energy Bhd’s subsidiary, Petra Resources Sdn Bhd, has received a contract from Petronas Carigali Sdn Bhd for the provision of hook-up, commissioning and topside major maintenance services for its projects in Sabah and Sarawak. The duration of the contract is over 15 months, from Aug 16, 2019 to Nov 15, 2020, the company noted in an exchange filing yesterday. .

AZRB proposes to issue RM535m sukuk  
Ahmad Zaki Resources Bhd (AZRB) has proposed to issue RM535 million worth of Sukuk Murabahah, its exchange filing yesterday noted. The construction company said the facility will have a tenure of twelve (12) years from the date of issuance. The proceeds raised from the issuance will be advanced to AZRB for the Shariah-compliant general working capital requirements and corporate purposes.The facility will be backed by a list of securities including the guarantee from AZRB and has been accorded with a preliminary long-term rating of AA- (stable outlook) by Malaysian Rating Corp Bhd (MARC). The sukuk proposal has been submitted to the Securities COmmission for approval. 

Permaju Industries to assist in building solar energy generation facility
Permaju Industries Bhd’s unit, Genbayu Gemilang Sdn Bhd, has entered into a collaboration and alliance agreement with Solar Interactive Sdn Bhd (SISB) to collaborate in the development of a 90 megawatts solar energy generation facility at Setul, Negeri Sembilan. Permaju, in an exchange filing yesterday, noted SISB shall provide and procure the required engineering services and expertise to build and operate the proposed facility while Genbayu shall assist in providing the necessary financing of the project. The project costs and detailed investment terms for the project shall be determined at a later stage and subject to a definitive feasibility study and terms of a definitive joint venture agreement (JVA) to be entered into between the parties. It added the agreement is for a three-year period and the agreement shall be terminated upon the execution of the JVA.