SINGAPORE (Dec 18): Structural steel contractor and specialist civil engineering solutions provider Yongnam Holdings has secured five infrastructure contracts worth $101.3 million in Singapore and Hong Kong.
In a regulatory filing on Tuesday, the group reported that three of the contracts are in Singapore, while the remaining two are in Hong Kong.
The first two contracts in Singapore are subcontracts involving works on earth retaining systems for the construction of the North-South Corridor project. The works are slated for completion in 2024.
The third is a subcontract to carry out temporary earth retaining works for an infrastructural development on the eastern part of Singapore, and is set to be completed in 2023.
In Hong Kong, Yongnam will provide earth retaining systems and traffic decking services at Yau Ma Tei East, and handle specialist civil engineering works for the Intermodal Transfer Terminal Building at the Hong Kong International Airport. The contracts are expected to be completed in 2021 and 2024 respectively.
Yongnam says that the contracts are “expected to have a positive impact” on its financial performance for the year ending Dec 31.
Yongnam CEO Seow Soon Yong notes that such infrastructure megaprojects are crucial to the future of cities.
“These project wins also serve as a testament to Yongnam’s reputation in delivering quality projects as well as the group’s proven capabilities in handling a wide range of technical and engineering challenges,” adds Seow.
Shares in Yongnam Holdings closed 0.1 cent higher, or 0.7% up, at 14.6 cents on Tuesday prior to the announcement.
