In November 2007, CMS finalised the sale of the site of CMS Steel Sdn Bhd’s rolling mill to Bursa Malaysia-listed KKB Engineering Bhd (KKB) for a disposal price valued at RM32 million. The sale of the 17.6–acre site fronting the Sarawak River at Sejingkat, Kuching was to be satisfied by KKB through the issuance of 16 million new ordinary shares, giving CMS a strategic 20% stake in KKB. KKB Group Chairman and Managing Director Dato Kho Kak Beng, whose initials form the name of the company he founded, said that the signing marked the beginning in KKB’s ambition to expand further within Sarawak and beyond, targeting its strength of structural steel fabrication and related engineering works, and to undertake steel works for more CMS and third-party projects in the future. KKB is also involved in the manufacturing of LPG cylinders and cylindrical steel drums.
Corporate Milestones Description