Logistics specialist Chasen's subsidiaries bag S$11.4m of projects

MAINBOARD-listed logistics specialist Chasen Holdings announced its subsidiaries in Malaysia, Vietnam and China had recently bagged four projects worth some S$11.4 million in total.

The Malaysian project is valued at RM6.6 million (S$2.2 million), Chasen said, and was awarded to its Penang-based subsidiary, Chasen Logistics Sdn Bhd, by a US solar manufacturer.

The same US company also awarded a similar contract to Chasen's Vietnam subsidiary, Chasen Transport Logistics, involving the uncrating, rigging, marking and positioning of machinery and tools on the manufacturing floor.

The move-in of the Malaysian plant began late October 2017 and is expected to be done in May 2018, while the Vietnam plant is expected to be completed in July this year.

Meanwhile, Chasen's China subsidiary, Chasen Hi-Tech Machinery Services, signed two projects worth 36 million yuan (S$7.5 million) in total.

The first project, valued at 16 million yuan, is for rigging and move-in positioning of tools and equipment for the pilot line of an "11th generation TFT LCD manufacturing plant" in Shenzhen.

The second project worth 20 million yuan is for managing the temporary warehouse and move-in of equipment for a "6th generation AMOLED plant" in Mianyang City, Sichuan province.

Low Weng Fatt, managing director and Chasen's chief executive, said the projects are expected to contribute positively to the company's operations for financial years 2018 and 2019.

Chasen's counter was down 0.1 Singapore cent, or 1.39 per cent to finish at 7.1 Singapore cents before the announcement was made.