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Hiap Seng Engineering nets S$18.3m contracts

Tuesday, March 8, 2016 - 18:18

HIAP Seng Engineering Ltd on Tuesday said in a filing to the local bourse that it has been awarded two contracts worth about S$18.3 million for the provision of mechanical works in Singapore.

The works have started, the group said, adding that a plant construction project worth S$13.7 million is due to be completed by February 2017, while a plant maintenance work worth S$4.6 million is due for completion this July.

The group said it expects a positive contribution to its earnings from the contracts but does not expect any material impact on the net tangible assets or earnings per share for the current financial year ending March 31, 2016.

It added that none of the directors or controlling shareholders of the company has any interest, direct or indirect, in the above contracts.

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