Shares of Boustead Singapore, Boustead Projects up on $200 mil contract win

Shares of Boustead Singapore, Boustead Projects up on $200 mil contract win

By: 
PC Lee
21/01/19, 10:56 am

SINGAPORE (Jan 21): Shares of Boustead Singapore and Boustead Projects rose on Monday morning.

This follows Boustead Singapore’s Friday night announced that Boustead Projects, its 53% owned subsidiary, had won a contract worth over $200 million to design and build Surbana Jurong Campus.

As at 10.49am, Boustead Singapore shares are up 1.9% to 80.5 cents with 419,000 units of traded while Boustead Projects shares are up 2.3% to 90 cents with 36,000 units traded.

Located at the 600ha Jurong Innovation District, Surbana Jurong Campus will be the integrated advanced development and global headquarters for the Surbana Jurong group.

The contract is Boustead Projects’ largest private sector project to date.

The award of the latest contract has raised the Boustead Group’s order book backlog to approximately $860 million, which consists of unrecognised project revenue remaining at the end of September 2018 plus the total value of new orders secured since then.

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