KUALA LUMPUR: Lotte Chemical Titan Holding Bhd’s (LCTH) wholly-owned subsidiary Lotte Chemical Titan (M) Sdn Bhd (LCTM) has awarded contracts for engineering, procurement and construction of a new boiler and ancillary equipment to related parties worth a total of RM67.77 million.
In a filing to Bursa Malaysia today, LCTH said the first contract, for offshore engineering and procurement of a new boiler and ancillary equipment to facilitate high-pressure steam production in Pasir Gudang, was awarded to South Korean incorporated company Lotte Engineering and Construction Co. Ltd (LEC), valued at RM47.30 million.
The group said the second contract was awarded to Lotte E&C Malaysia Sdn Bhd for onshore engineering and procurement of a new boiler and ancillary equipment at Pasir Gudang Complex for a total contract value of RM20.47 million.
It added the transaction is expected to contribute positively to LCTH’s earnings and net assets per share for the financial year ending Dec 31, 2020 and will not have any effect on the company’s gearing, issued share capital and shareholders’ shareholdings.