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Chasen bags S$38.4m worth of new contracts in Asia, US

CHASEN Holdings Limited has secured S$38.4 million worth of new contracts in Asia and the US. 

These include S$25.2 million worth of specialist relocation services, S$3 million worth of third-party logistics, and S$10.2 million worth of technical and engineering services.

Chasen’s managing director and CEO Low Weng Fatt said: “With more than S$38 million secured in the first quarter, and not counting the smaller projects and recurring revenue from the monthly maintenance and services, these new contracts will keep all our three business divisions busy in FY2019 and beyond. They will provide further tailwinds to Chasen as we seek to seize more growth opportunities in Asia and the US, which is a relatively new market for us.”

Of these, a US$9.3 million specialist relocation contract clinched by the group’s wholly owned US subsidiary Chasen (USA) Inc marks the third phase of its involvement in a large vehicle product manufacturing plant, which is being built by an American multinational corporation (MNC).

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The contract this time is to provide move-in and related logistics services for the setting up of production lines for the plant, said Chasen, a provider of third-party logistics, technical and engineering services said on Wednesday.

The contract for the third phase of this project is expected to have a positive impact on the group’s financial results for its current year ending March 31, 2019.

Other specialist relocation contracts were secured by its Chuzhou-based subsidiary from China-based manufacturers of thin-film transistor liquid-crystal display (TFT LCD) and organic light-emitting diode (OLED) panels for televisions, computer monitors and smart phones.

Chasen said that it has also secured new relocation contracts from multinational manufacturers of solar panels in Malaysia and Vietnam, and semiconductor MNCs in Singapore. The total value of these Asia-based projects, which will contribute to Chasen’s FY2019 financial performance, is about S$12.6 million.

Over at its third-party logistics business division, a total of S$3 million worth of new contracts were secured to provide warehousing and transportation. These include a warehousing contract for a Malaysian-based water filter distribution company; in Singapore, one contract is for the storage of elevators, escalators and travellators, and the transportation to customers’ sites for installation.

The group’s technical and engineering business division also clinched about S$10.2 million worth of new contracts in Singapore and China.