Kelington Group has secured a semiconductor project in India valued at RM1.8 billion, according to reports from The Star, The Malaysian Reserve and NST Online. The contract is described as a record for the company.
Coverage of the award was carried by The Edge Malaysia alongside a roundup of other companies including NuEnergy, GFM, Exsim Hospitality, Kerjaya Prospek, PETRONAS Chemicals, Tan Chong Motor and United Asiapac.
RHB Research raised its target price for Kelington to RM11.70 following the deal, which NST Online reported at a value of RM1.83 billion. Kenanga maintained its target price for the company despite the contract win, according to BusinessToday Malaysia.
The reports did not specify the client, the location within India, or the timeline for the project. Kelington's core business is not detailed in the available material.
The award places the contract among the larger semiconductor-related jobs announced by a Malaysian-listed company, based on the figures cited by the outlets covering it. The Edge Malaysia's roundup indicates the announcement came alongside separate corporate news from the other named companies.
Investors will be watching for Kelington's formal exchange filing and further details on the project's scope and duration.
