SINGAPORE (Jan 20): Mainboard-listed engineering and infrastructure group TEE International announced Monday that its wholly-owned subsidiaries have been awarded new contracts for engineering works worth about $40 million.
The wins include a contract awarded to its Building & Construction division from a repeat client to carry out Asset Enhancement Initiative (AEI) works for a 21-storey office tower in the Central Business District.
Meanwhile, its Mechanical and Electrical (M&E) division secured a new contract from another repeat client to supply, deliver, and install switchgear and ancillary equipment for a data centre in Singapore.
The group did not specify when the contracts, which brings its outstanding order book to $326 million, were won.
“Going forward, we will focus on upgrading our technological capabilities and progressively developing our core engineering business while growing our recurring revenue base,” says Eric Phua, TEE’s interim group chief executive.
The contracts are not expected to have any material impact on TEE’s earnings or net tangible assets for the current financial year ending May 31, 2020.
Shares in TEE International closed 0.2 cent lower, or down 3.7%, at 5.2 cents on Monday, before the announcement.
The counter has plunged 18.8% since Jan 13, when the group announced that it is selling its subsidiary, TEE Land, to Malaysia’s Amcorp Group.
See: Amcorp to buy over TEE Land from TEE International for $55 million