Oiltek International Secures New Malaysian Contracts Boosting Order Book
Oiltek International Limited, an SGX Catalist-listed company specializing in integrated process technology and renewable energy solutions, has announced significant contract wins in Malaysia. These new agreements, secured by its wholly-owned subsidiary Oiltek Sdn. Bhd., are valued at approximately RM9.2 million.
The latest contracts involve the design, fabrication, delivery, testing, and commissioning of a new 200 metric tonnes per day physical refinery plant, as well as the engineering, procurement, construction, and commissioning of a replacement membrane filter for a crude palm kernel oil fractionation plant. As a result, Oiltek’s order book has swelled to approximately RM391.1 million, with these projects slated for completion over the next 18 to 24 months, barring unforeseen circumstances.
Henry Yong Khai Weng, Executive Director and CEO of Oiltek, expressed optimism about the company’s growth trajectory, highlighting the RM207.0 million in orders secured in 2024 as a testament to the market’s confidence in their solutions. Although these new contracts are not expected to materially impact the Group’s financial performance for the financial year ending 31 December 2024, they are anticipated to contribute positively in 2025.
Oiltek International’s robust presence in the global vegetable oils industry is well-established, with a track record of successful projects across more than 35 countries over 43 years. The company operates in three key segments: Edible & Non-Edible Oil Refinery, Renewable Energy, and Product Sales and Trading, offering comprehensive engineering solutions across these sectors.
Shareholders should note that none of the Directors or controlling shareholders have an interest in these new contracts, aside from their shareholdings in the company. This announcement could have implications for Oiltek’s share value, reflecting the company’s expanding business ventures and solidifying its market position.
For further inquiries, contact Derek Chng or Gerald Woon at Cogent Media Pte. Ltd., the media representative for Oiltek International.
Disclaimer: This article is based on publicly available information and is intended for informational purposes only. It does not constitute financial advice or a solicitation to buy or sell securities. The views expressed here are those of the author and do not necessarily reflect the official policy or position of Oiltek International Limited or its affiliates.
