Chasen secures contract worth 50m yuan in Guangdong

CHASEN Holdings has secured a contract worth 50 million yuan (S$9.9 million) to provide move-in and warehouse management services for an organic light-emitting diode (OLED) display panel manufacturing plant in China's Guangdong province.

The Generation-8.5 OLED plant is said to be the first and most advanced of its kind in China.

Chasen's wholly-owned subsidiary, Chasen (Chuzhou) Hi-Tech Machinery Services, will offer the services over a period of seven months from October 2018 to April 2019.

The project will have a positive impact on Chasen's results for its current financial year ending Mar 31, 2019.

Low Weng Fatt, managing director and CEO of Chasen Holdings, noted that OLED is fast becoming the mainstream display technology for high-end TVs and smartphones.

As OLED production is capital-intensive, manufacturers require sophisticated equipment and machinery which have to be handled with the best of care, he said.

"They will only work with service providers that they can fully count on to ensure their equipment and production lines are in good hands. We are therefore extremely pleased to be chosen to help fit out this new OLED plant in Guangdong," Mr Low added.