KUCHING: KKB Engineering Bhd group has secured two contracts in Sarawak and Sabah worth a combined value of RM351.7 million.
Its oil & gas subsidiary Ocean Might Sdn Bhd has received a letter of award with limited notice to proceed (LNTP) from Sarawak Shell Bhd for the provision of engineering, procurement and construction (EPC) of standard wellhead platforms for MLNG GAS (F27,F22 and Selasih) gas field development.
The contract is effective from December 2022 until completion of work.
A formal agreement for the contract will be executed in due course, KKB said in a filing with Bursa Malaysia.
Another subsidiary KKB Industries (Sabah) Sdn Bhd has received a purchase order from Seri Ghanimi Contractors Sdn Bhd for the supply of mild steel concrete lined pipes.
The completion date for the purchase order is nine months.
KKB said the two contracts are expected to contribute positively towards the earnings and assets of the company and group during their duration period.
Meanwhile, Serba Dinamik Holdings Bhd (SDHB) said its board of directors is in the midst of seeking legal advice to appeal and/or set aside the winding up order granted against the company and its subsidiaries by the High Court to syndicated lenders on Jan 10, 2023.
The syndicated lenders are HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, Bank Islam Malaysia Bhd, MIDF Amanah Investment Bank Bhd, Standard Chartered Saadiq Bhd and United Overseas Bank (Malaysia) Bhd.
During the appearance of the relevant parties before the High Court, the court granted the winding up of SDHB under Section 465(1)(e) of the Companies Act 2016, together with its subsidiaries — Serba Dinamik Gropup Bhd, Serba Dinamik Sdn Bhd and Serba Dinamik International Ltd.
The court also granted the followings:
- That, pursuant to Section 476(1) of the Companies Act 2016, Victor Saw Seng Kee, a licensed liquidator of PWC, be appointed liquidator of SDHB;
- That costs borne by the petitioner be paid out of the asset of SDHB, and
- That Victor Saw Seng Kee of Pricewaterhouse Coopers Advisory Services Sdn Bhd continues to remain as the interim liquidator of the company and be empowered to exercise the power granted by virtue of the Order dated 23 August 2022 pending perfection and lodgement of the order herein.
SDHB said its board of directors wishes to inform that upon announcement of the winding up order, the board becomes Functus officio and cease to have power in relation to the affairs of the company, save and except that the board retains residuary powers to appeal against and/or apply to set aside the winding up order.
Any further queries in relation to the affairs of the company are to be directed to the liquidator of the company, it added.
“The board of directors of the company wishes to further inform that the board is in the midst of seeking legal advice to appeal and/or set aside the winding up order,” it added.
