Knowledge Marine secures new order from Myanmar Port Authority worth USD 2.20 million

Knowledge Marine & Engineering Works (KMEW) has secured a Letter of Award (LoA) from the esteemed Myanmar 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 USD 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 October 1, 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.

Knowledge Marine & Engineering Works is engaged in the business of owning and operating Marine Crafts for dredging along with repairs and maintenance & refits of Marine Crafts and Marine Infrastructure.

Today, the stock opened at Rs 1385, with a high and low of Rs 1430 and Rs 1346.30. The stock closed trading at Rs 1398.50, up by 1.15%. The stock has a 52-week high of Rs 1,450 and a 52-week low of Rs 496.

In the last six months, the shares of the company have given more than 30% returns, and in the last one year, the stock has given about 160% returns.