Knowledge Marine & Engineering Works Ltd secures LOA from Myanma Port Authority

Knowledge Marine & Engineering Works Ltd. "KMEW" (BSE: 543273), has secured a Letter of Award (LOA) from the esteemed Myanma Port Authority. This accomplishment represents a major milestone, underscoring the company's selection to undertake the crucial task of dredging and enhancing the Yangon River channel, building on the company's prior success at the Sittwe Port. With a contract value of US$ 2.20 Million, this engagement not only presents an opportunity for foreign exchange generation but also signifies the trust bestowed upon the company by a foreign government due to its exceptional performance at Sittwe Port, Myanmar. This marks the company's second contract within Myanmar, highlighting its commitment and expertise in the field. The said Contract is to be executed within a period of six months from 1st October 2023.

The contract's scope encompasses the maintenance of the Yangon River, which stands as a pivotal element among the nine ports gracing the Myanmar coast. Of these, Yangon port commands a position of international significance, facilitating over 90% of the nation's customary imports and exports. Originating from the confluence of the Pegu and Myitmaka Rivers within Myanmar, the Yangon River-alternatively known as the Rangoon River or Hlaing River-takes shape. Its trajectory traces a marine estuary's path from Yangon (also recognized as Rangoon) to the Gulf of Martaban within the Andaman Sea. This navigable channel accommodates ocean-going vessels, thereby playing an indispensable role in Myanmar's economy.

A total length of Myanmar coast is 2228 km (1,260 nautical miles), along the Rakhine coast is 713 km, along the delta area is 437 km and the coast of Tanintharyi is 1078 km long. In terms of number of wharfs, there are 27 berths in Yangon Inner Harbour with the total quay length of 4,640 m.

Commenting on the Letter of Award Win, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd said that, "Announcing with pride our second international order victory, this time from the esteemed Myanma Port Authority. Unlike our initial international contract, which was a collaborative effort with the Government of India, this new achievement marks our first independent international contract. It vividly underlines our remarkable journey spanning a decade within the dynamic dredging industry. The dedicated Team KMEW is unwavering in our commitment to executing this contract within the stipulated period, while concurrently pursuing fresh opportunities across both the international and domestic markets. This accomplishment exemplifies our dedication to excellence and growth, highlighting our pivotal role in the maritime industry and the broader economy."

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 1398.50 as compared to the previous close of Rs. 1382.60. The total number of shares traded during the day was 44250 in over 249 trades.

The stock hit an intraday high of Rs. 1430.00 and intraday low of 1346.30. The net turnover during the day was Rs. 61700537.00.

Source : Equity Bulls

Keywords

KnowledgeMarineandEngineeringWorks INE0CJD01011 OrderWin MyanmaPortAuthority