Oiltek unit wins RM40.1 million in new contracts from Indonesia, Malaysia 

OILTEK International on Thursday (Oct 12) said that its wholly-owned subsidiary obtained RM40.1 million (S$11.6 million) worth of new contracts in Indonesia and Malaysia.

The new wins bring the group’s current order book to around RM357.2 million and the total contracts won in fiscal 2023 so far to RM260 million, the integrated process technology and renewable energy solution provider said.

The group will design, fabricate, deliver, test and commission two shortening plants and one cocoa butter substitute plant in Indonesia, as well as a new dry fractionation plant in Malaysia.

It plans to fulfil its order book over the next 18 to 24 months, provided there are no unforeseen circumstances.

Oiltek expects the contracts to contribute positively to the group’s performance for the year ending Dec 31, 2024, with no material impact on its FY2023 performance.

Shares of Catalist-listed Oiltek ended up 2.3 per cent or S$0.005 at S$0.22 on Thursday.