Latest news with #Kelington
New Straits Times
04-07-2025
- Business
- New Straits Times
Kelington shares rise on MoU with Petronas CCS
KUALA LUMPUR: Kelington Group Bhd's share price rose in early trade on Friday, following a memorandum of understanding (MoU) signed with Petronas CCS Solutions Sdn Bhd to explore carbon capture technologies. At 9.53 am, the counter gained 4.0 sen to RM3.84, with 418,600 shares traded. In a statement yesterday, Kelington said the collaboration will explore joint value propositions through a feasibility study leveraging its unit Ace Gases Marketing Sdn Bhd's expertise in carbon dioxide logistics and facility operations. "This MoU will be valid for one year, with an option to extend for an additional year, subject to mutual agreement, and it will focus on identifying potential synergies and opportunities in managing carbon emissions. "Upon completion, it is anticipated that the study will provide a comprehensive assessment of the commercial and technical viability of developing joint value propositions in relation to the transport of carbon emissions," it said. It added that the findings may pave the way for potential future projects and collaborations between both parties, contributing to sustainable and innovative solutions for carbon management. Corporate Jul 3, 2025 @ 6:24am Kelington to explore carbon capture technologies with Petronas' unit Corporate Apr 4, 2025 @ 2:46am Axiata bows out of Myanmar with US$150mil divestment Corporate Jun 19, 2025 @ 7:13am BCorp buys 42.5mil Berjaya Assets shares, raises stake to 13.96pct Corporate Jan 6, 2025 @ 3:58am Ni Hsin seeks SC nod on raising fund via token crowdfunding
The Star
04-07-2025
- Business
- The Star
Kelington-PETRONAS CCS deal inked
The company said said the MoU would explore joint value propositions through a feasibility study. PETALING JAYA: Kelington Group Bhd has signed a memorandum of understanding (MoU) with PETRONAS CCS Solutions Sdn Bhd to explore carbon capture technologies. In a statement, the integrated engineering solutions provider said the MoU would explore joint value propositions through a feasibility study leveraging Kelington subsidiary Ace Gases Marketing Sdn Bhd's expertise in carbon dioxide logistics and facility operations. 'This MoU will be valid for one year, with an option to extend for an additional year, subject to mutual agreement. It will focus on identifying potential synergies and opportunities in managing carbon emissions. The study will encompass the evaluation of technologies, facilities, feasibility, commercial aspects, funding opportunities, and relevant industries.' Upon completion, the study would provide a comprehensive assessment of the commercial and technical viability of developing joint value propositions in relation to the transport of carbon emissions. 'The findings may pave the way for potential future projects and collaborations between both parties, contributing to sustainable and innovative solutions for carbon management. 'It comes at a time when Malaysia's annual carbon dioxide emissions from fossil fuel and industrial activities reached 288.82 million tonnes in 2023. The feasibility study marks a critical step toward developing a national carbon capture scheme,' it added. Kelington will provide carbon dioxide emitters with viable pathways to sequester carbon emissions to support Malaysia's Paris Agreement commitments.
The Star
03-07-2025
- Business
- The Star
Kelington, PETRONAS CCS ink MoU to explore carbon capture solutions
Kelington Group Bhd CEO Raymond Gan PETALING JAYA: Kelington Group Bhd has signed a memorandum of understanding (MoU) with PETRONAS CCS Solutions Sdn Bhd to explore carbon capture technologies. In a statement, the integrated engineering solutions provider said the MoU will explore joint value propositions through a feasibility study leveraging Kelington subsidiary Ace Gases Marketing Sdn Bhd's expertise in carbon dioxide logistics and facility operations. 'This MoU will be valid for one year, with an option to extend for an additional year, subject to mutual agreement. 'The collaboration will focus on identifying potential synergies and opportunities in managing carbon emissions. The study will encompass the evaluation of technologies, facilities, feasibility, commercial aspects, funding opportunities, and relevant industries.' Upon completion, Kelington said it is anticipated that the study will provide a comprehensive assessment of the commercial and technical viability of developing joint value propositions in relation to the transport of carbon emissions. 'The findings may pave the way for potential future projects and collaborations between both parties, contributing to sustainable and innovative solutions for carbon management. 'The collaboration comes at a time when Malaysia's annual carbon dioxide emissions from fossil fuel and industrial activities reached 288.82 million tonnes in 2023. This feasibility study marks a critical step toward developing a national carbon capture scheme.' If successfully implemented, Kelington said it will provide carbon dioxide emitters with viable pathways to sequester carbon emissions, directly supporting Malaysia's Paris Agreement commitment to reduce carbon intensity by 45% by 2030 and achieve net-zero emissions by 2050. Kelington chief executive officer Raymond Gan said the transition to a low-carbon economy is not just a responsibility but also an opportunity for innovation and growth. 'As we confront the urgent challenges posed by climate change, technologies like carbon capture and storage have emerged as a vital solution for reducing greenhouse gas emissions. 'By leveraging Kelington's established capabilities in industrial gas processing and engineering services with PETRONAS CCS Solutions' industry-leading insights and resources, we are well-positioned to develop effective and scalable carbon capture solutions. These solutions can significantly mitigate emissions and offer transformative potential across industries,' he said.
The Star
01-05-2025
- Business
- The Star
New contracts poised to buoy Kelington Group
Kelington's order book stood at RM1.27bil as at Dec 31, 2024. PETALING JAYA: Kelington Group Bhd remains optimistic on its performance growth for the financial year ending Dec 31, 2025 (FY25) underpinned by a robust order book and continued momentum in its ultra high purity (UHP) and industrial gases segments amid mounting global economic uncertainties. In FY24, the group posted a higher net profit of RM124.3mil, up by 19.4% from RM104.1mil in FY23. Its revenue, however, dropped slightly to RM1.27bil in FY24 from RM1.61bil. Kelington's order book stands at RM1.27bil as at Dec 31, 2024, and the group is noted to have consistently secured over RM1bil in new contracts annually. The UHP segment remained as the group's primary growth driver, making up 71% of the outstanding order book for FY24 – amounting to RM910mil. In Kelington's Annual Report 2024, the group stated that maintaining a strong presence in the UHP space is beneficial, given the higher profit margins associated with such contracts. The group said the demand surge in UHP is closely tied to the global semiconductor growth, fuelled by advancements in artificial intelligence, digitalisation, and the push for technological self-sufficiency, particularly in China. Additionally, the segment's strongholds also remain in markets like Singapore, India, Europe, and Hong Kong, where the semiconductor value chain continues to expand. In Malaysia, Kelington noted that government initiatives, particularly the National Semiconductor Strategy (NSS), play a key role in shaping the sector's outlook. 'The successful execution of NSS will be essential in strengthening Malaysia's position within the global semiconductor value chain, attracting high-value investments, and enhancing local supply chain capabilities, ensuring the country remains competitive in the evolving semiconductor landscape,' it stated. Initiatives such as the upcoming Integrated Circuit Design Park and a RM1.11bil investment to acquire chip intellectual property rights from Arm Holdings are expected to lay the foundation for a stronger domestic ecosystem. Kelington believes these efforts align with its capabilities, though outcomes will take time to materialise. Beyond its UHP segment, Kelington is increasingly turning to its industrial gases business as a key pillar of future growth. 'We continue to see strong demand for high-purity liquified carbon dioxide (LCO2), with increasing enquiries from food and beverage manufacturers across multiple regions. 'This reflects the essential role of LCO2 in carbonated beverages, food preservation, and other applications, further supporting the group's growth trajectory in the industrial gases market,' it added. Kelington's acquisition of the remaining 9.29% equity in Ace Gases Sdn Bhd in November last year gives it full ownership and allows the group to consolidate 100% of the company's profits. This move is expected to improve operational efficiencies and support expansion efforts. Meanwhile, the Kerteh LCO2 plant, which also serves as a carbon capture facility, positions the group to explore new opportunities in the carbon capture, utilisation and storage sector. With ongoing geopolitical tensions and tariff uncertainties, Kelington said it will continue focusing on strategic cost management, disciplined cash flow, and strengthened client relationships. The group believes its experience navigating past challenges, including the Covid-19 pandemic, has prepared it for the road ahead.
