KUALA LUMPUR: Shares of ZECON BHD [] surged on Wednesday, July 27 after recent news of its JV with KNM GROUP BHD [] for a multi-billion ringgit integrated petrochemical complex in Teluk Ramunia.
At 10.28am, it Zecon-WA was up 18 sen to 62.5 sen with 10.92 million shares done while the shares rallied 14.5 sen to 92.5 sen with 9.83 million units done. However, the securities could be running ahead before the formalisation of the contract.
KNM rose six sen to RM1.96 with 7.28 million unit transacted.
The FBM KLCI shed 0.26 of a point to 1,561.51. There were 284.42 million shares done valued at RM348.55 million. There were 219 gainers, 206 losers and 251 stocks unchanged.
Zecon and KNM announced on Tuesday that Gulf Asian Petroleum (GAP), licensed by the government to build and operate the integrated petrochemical complex in Teluk Ramunia, agreed to appoint them.
KNM-Zecon consortium to undertake EPC contracts for: (i) a petroleum refinery and a polypropylene unit, estimated at RM15 billion; and (ii) petroleum product storage terminal facility, worth RM2 billion.
Hwang DBS Vickers Research said the consortium will also rope in another Korean/Chinese contractor to take up 20% stake in GAP estimated at RM540 million for the refinery project while KNM and Zecon will subscribe for up to 30% equity for a SPV (estimated at RM200 million) for the storage project.
At 10.28am, it Zecon-WA was up 18 sen to 62.5 sen with 10.92 million shares done while the shares rallied 14.5 sen to 92.5 sen with 9.83 million units done. However, the securities could be running ahead before the formalisation of the contract.
KNM rose six sen to RM1.96 with 7.28 million unit transacted.
The FBM KLCI shed 0.26 of a point to 1,561.51. There were 284.42 million shares done valued at RM348.55 million. There were 219 gainers, 206 losers and 251 stocks unchanged.
Zecon and KNM announced on Tuesday that Gulf Asian Petroleum (GAP), licensed by the government to build and operate the integrated petrochemical complex in Teluk Ramunia, agreed to appoint them.
KNM-Zecon consortium to undertake EPC contracts for: (i) a petroleum refinery and a polypropylene unit, estimated at RM15 billion; and (ii) petroleum product storage terminal facility, worth RM2 billion.
Hwang DBS Vickers Research said the consortium will also rope in another Korean/Chinese contractor to take up 20% stake in GAP estimated at RM540 million for the refinery project while KNM and Zecon will subscribe for up to 30% equity for a SPV (estimated at RM200 million) for the storage project.
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