Specialist engineering service provider Acromec has entered into a joint venture agreement (JVA) with Tako Ventures to build, own and operate co-working laboratory spaces on July 13.

The JVA was signed by Acromec’s wholly-owned subsidiary, Acromec Engineers.

Under the JVA, the joint venture (JV) would be implemented through Life Science Incubator, the joint venture company (JVCo).

Life Science Incubator was incorporated by Tako Ventures in October 2020 with an issued and paid-up share capital of $50,000 comprising 50,000 shares.

Through the JVA, Acromec Engineers will purchase 15,000 shares in Life Science Incubator from Tako Ventures for a consideration of $15,000. Acromec will, through Acromec Engineers, hold a 30% stake in the JVCo while Tako Ventures will hold the remaining 70%.

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Life Science Incubator will build and develop co-working laboratories for start-ups in the medtech, biotech and healthtech sectors, where they will get access to flexible co-working spaces for research and development.

The Life Science Incubator will have eight suites, 51 lab benches and one operating theatre available for rent.

The facilities will be located on the first floor of the German Centre at International Business Park Road.

Tako Ventures will bring its expertise, know-how and processes required to operate and promote the JV to the table, while Acromec Engineers will oversee the design, construction and fitting-out works of the facilities.

Tako Ventures is a Singapore-incorporated limited liability partnership. It is mainly in the business of investing in scientific enterprises.

See also: Shares in Acromec close 18.3% up after securing contracts worth $17.0 mil

Tako Ventures’ partners are management members of a multinational corporation (MNC), which provides laboratory infrastructure solutions, Acromec included.

“We are delighted to work with Tako Ventures to build and develop the Life Science Incubator. As strategic partners, we are hopeful that with our joint expertise and resources, the Life Science Incubator becomes a vibrant innovation ecosystem that facilitates collaborations between scientists and entrepreneurs to drive the future of science and technology forward,” says Lim Say Chin, executive chairman and managing director of Acromec.

“This represents another milestone for Acromec, strengthening our core engineering, procurement and construction business and enhancing our track record in serving the life science, biotech, healthcare, and research sector.”

“Through this joint venture, we will also be able to explore new opportunities to further grow Acromec’s business and continue to reinforce our position as an established and trusted provider of specialist engineering services for controlled environments,” he adds.

As at 9.46am, shares in Acromec are trading flat at 10 cents.

Photo: Stock photo