In a bourse filing on SGX on Aug 23, iWOW Technology NXR announced that it has secured a contract worth up to approximately $4.8 million.
The company was awarded the contract in relation to the provision of smart metering maintenance and billing services for a leading commercial real estate services provider in Singapore.
The initial component, worth an aggregate value of approximately $2.3 million, is expected to be fulfilled over the next 60 months, barring unforeseen circumstances. This will consist of the provisions of smart metering equipment, smart metering system maintenance services and billing-as-a-service for utilities consumption.
The contract also includes an option for a five-year extension by the customer with an aggregate value of up to approximately $2.5 million).
Excluding the optional contract extension, the awarded contract will lift iWOW’s current order book to some $106.1 million, a 25% increase from $84.7 million as at June 30.
The company notes that the new contract is not expected to have any material impact on the performance of its for the financial year ending March 31, 2024.
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Shares in iWOW closed flat at 23.5 cents on Aug 23.
