Shares in AcroMeta surged 21.0% to 7.5 cents when markets opened on April 22, as the Catalist-listed company announced its record $31 million contract win on the same day.
The contract was clinched by the company’s wholly-owned subsidiary Acromec Engineers.
The value of the contract is a record since the company’s listing on the SGX in 2016.
The contract is for the fit-out of an additional floor within an existing integrated advanced manufacturing facility in Singapore of a leading high-tech customer in the semiconductor industry.
When completed in 2023, the expansion will substantially increase its manufacturing capacity.
According to AcroMeta, its subsidiary has the requisite track record in controlled environment engineering to take on this project’s particular requirements, which include the ability to succinctly and precisely control physical variables such as temperature, air purity and humidity.
See also: Kingsmen renews F1 contracts for $53.2 million
Acromec’s previous projects include the successful completion for Nasdaq-listed Genscript Biotech Corp’s Singapore R&D and manufacturing facility.
AcroMeta co-founder, chairman and CEO Lim Say Chin noted that the sizeable contract win “reflects well” on the customer’s confidence in the group.
“We are optimistic on the growth of our controlled environment business. Our business is well positioned for the post-Covid world. We are having more customers investing in building facilities again for the future, both to prepare for the next pandemic and to prepare for technological growth,” he says.
See also: Soilbuild Construction subsidiaries awarded contracts worth $135.1 mil
“Indeed, we see activities building up in the biotechnology and semiconductor sectors, and we are glad to serve this space,” he adds.
The contract is expected to commence soon and will contribute positively materially to the group’s earnings per share (EPS) and net tangible assets (NTA) per share to the group’s financial year ending Sept 30.
As at 9.44am, shares in AcroMeta are trading at 1.7 cents higher or 27.4% up at 7.9 cents.
