KUALA LUMPUR (Sept 1): Kee Ming Group Bhd (KL:KEEMING) has secured two subcontracts worth a combined RM40 million to provide mechanical and electrical engineering services for warehouses in Penang and Selangor.

The contracts were awarded by a third-party contractor principally involved in the supply of steel structures, as well as civil engineering and building construction. The contractor’s name was not disclosed in Kee Ming’s bourse filing on Tuesday.

The first contract, worth RM21 million, involves the supply and maintenance of air-conditioning and mechanical ventilation (ACMV), fire protection electrical systems, telephone and extra-low voltage systems, and building management systems for a warehouse in the Valdor Industrial Area, Penang. The project is expected to be completed by the first quarter of 2027.

The second contract, worth RM19 million, covers electrical services, fire protection and ACMV systems for a warehouse in Taman Perdagangan Elmina, Selangor. The final scope of work will be subject to the project manager’s instructions, with completion targeted for the second quarter of 2027.

Kee Ming said the contracts are expected to contribute positively to its earnings and net assets for the financial year ending March 31, 2027 and throughout the duration of the projects.

For its first financial quarter ended June 30, 2026, Kee Ming posted a net profit of RM6.45 million on revenue of RM48.4 million, with the bulk of revenue coming from mechanical and electrical engineering services for industrial-sector customers.

Shares of Kee Ming, which made their ACE Market debut on Feb 12 at an IPO price of 38 sen, have since surged more than sixfold. On Tuesday, the stock fell 16 sen or 6.53% to RM2.29, giving the company a market capitalisation of RM744.25 million.