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Memiontec secures $13 mil worth of new contracts in Indonesia and Singapore

Felicia Tan
Felicia Tan12/20/2022 12:42 AM GMT+08  • 2 min read
Memiontec secures $13 mil worth of new contracts in Indonesia and Singapore
With the new contracts, the group’s order book now stands at $113 million as at Dec 16. Photo: Memiontec
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Total water solutions provider Memiontec Holdings has clinched new contracts worth a total of $13 million in Indonesia and Singapore.

The group secured some $10 million in new contracts from Indonesia for total solutions with engineering, procurement and construction (TSEPC) projects. The group has also secured a contract worth around $3.6 million for the replacement of membranes at the Kranji NEWater Factory in Singapore.

With the new contracts, the group’s order book now stands at $113 million as at Dec 16. Most of them are expected to be undertaken over the next two years.

In its statement, Memiontec says it expects the new contracts to contribute “positively” to its financial results as well as to its net tangible assets (NTA) per share and earnings per share (EPS) for the duration of the contracts.

Further to its statement, the group says it is proactively targeting new products in a bid to increase its order book. Vietnam has been identified as a potential new market for the group’s expansion within Southeast Asia. Memiontec had incorporated a wholly-owned subsidiary in Vietnam, Memiontec Company Limited, to expand its business presence in the country on Oct 27.

Indonesia remains a key growth market for the group, Memiontec adds.

See also: Civmec secures over A$330 mil contract for Rio Tinto Western Range Project

“Our new contracts awards show the region’s sustained demand for water treatment solutions. We continue to adapt to the evolving market by securing new clients,” says Tay Kiat Seng, Memiontec’s executive director and CEO.

“We are also well positioned to deploy our expertise and operational capabilities to help deliver cost-effective, pragmatic water solutions, particularly as countries in Asean look to enhance and improve their water systems and infrastructure for greater water security,” he adds.

Shares in Memiontec closed 5 cents lower or 17.54% down at 23.5 cents on Dec 19.

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