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Hot Pursuit News

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(24 May 2024, 16:48)

Knowledge Marine ends higher after bagging LoA for $40 mn contract in Myanmar

Knowledge Marine & Engineering Works (KMEW) advanced 1.18% to end at Rs 1290 after the company announced that it has received a letter of award (LoA) from the Myanmar Port Authority for the maintenance dredging of the Yangon River.

The contract is valued at USD 4.85 million for a period of one year. At the prevailing exchange rate of Rs 83.13 per USD, the value of the said contract is Rs 403.18 million.

The aforementioned project has to be executed over a period of one year.

The said order follows the successful completion of a similar dredging project awarded by Myanmar Port Authority to KMEW in October, 2023.

The company has secured its third consecutive international order with the recent contract win, following the initial project with the Government of India and the subsequent dredging of the Yangon River. The contract, valued at USD 4.85 million, is more than double the previous order of USD 2.20 million received in October, 2023.

The contract scope includes the maintenance of the Yangon Riv...

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