KUALA LUMPUR (Aug 25): Ecoscience International Bhd, which debuted on Bursa Malaysia's ACE Market last month, has bagged a RM24.04 million contract for the construction of a palm oil refinery complex in Sulawesi, Indonesia.
The palm oil refinery complex will consist a 300-tonne-per-day (tpd) physical refining plant, 300-tpd dry fractionation plant and bottling plant for Palopo Industrial Park at Sulawesi.
The Johor-based palm oil milling services provider said in a Bursa’s filing that its wholly owned subsidiary Ecoscience Manufacturing & Engineering Sdn Bhd has accepted a letter of award issued by PT Wijaya Inti Nusantara Sawit (PWINS) for the design, supply and fabricate works for the construction of the palm oil refinery complex.
Ecoscience said commencement of the works shall be subject to the receipt of down payment from PWINS, which will be notified by PWINS in writing at a later stage.
The group expects this contract to contribute positively to its earnings and net assets.
At Friday (Aug 25)’s closing bell, Ecoscience closed 1.5 sen or 3.57% higher to 43.5 sen — up 45% from its initial offering price of 30 sen — giving the group a market capitalisation of RM148 million.