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UMS Holdings unit lands seven projects worth S$13m
MAINBOARD-LISTED UMS Holdings has won seven projects in Asia, the Middle East and South America totalling about S$13 million via its Singapore-incorporated subsidiary, Kalf Engineering.
Two of the projects were signed this year, four were inked last year, while the Qatar project was signed in 2015.
Kalf specialises in water and chemical engineering solutions for the offshore, power generation and chemical industries.
Earlier this year, UMS had acquired a 51 per cent stake in Kalf in order to diversify beyond its core semiconductor business and tap high-potential growth sectors. UMS is seeking a mandate from shareholders to diversify into the water and chemical engineering business at an extraordinary general meeting to be held on April 28.
The seven projects include the supply of electro-chlorination systems in Singapore, Chile and the Middle East; an acid cleaning system for the fertiliser industry in Qatar, and establishing a drinking water treatment plant in China.
Five of the projects are expected to be completed in H2 2017, while the other two in China and the Middle East are expected to be completed in H2 2018. The five projects which are slated for completion this year are expected to contribute to the group's financial performance in FY17. Apart from these seven projects, Kalf is also in the midst of procuring additional projects.
Andy Luong, chief executive officer of UMS, said: "The strong portfolio of Kalf's customers proves that our proposed strategy to diversify beyond our semiconductor business is shaping up well. We will continue to explore new market opportunities in the water and chemical engineering sectors. With the infrastructure boom in Asia and other emerging economies, we are optimistic of good growth prospects for Kalf which we believe will bring positive returns to shareholders."