Chasen unit bags 50m-yuan China project to provide move-in services

MAINBOARD-LISTED Chasen Holdings' wholly-owned PRC subsidiary Chasen (Chuzhou) Hi-Tech Machinery Services has secured a contract for a project worth 50 million yuan (S$9.7 million) to provide move-in services for a 6th Generation Active Matrix Organic Light Emitting Diode (AMOLED) plant in Hefei, Anhui province.

The project will run for a year from December 2019 to November 2020. AMOLED is a type of organic light-emitting diode (OLED) display technology that is used mainly in smartphones.

The group said that the contract comes at a time of continued economic slowdown in the region which has affected its performance in the quarter ended Sept 30, 2019 (Q2 FY2020), specifically delays in project implementation for Specialist Relocation customers in the PRC.

The move-in project is expected to have a positive impact on Chasen's results from the fourth quarter of the financial year 2020 ending March 31, 2020.

Low Weng Fatt, Chasen's managing director and CEO, said: "This is a sign of the expected pick-up of project implementation in the country, and we are confident that we will see a better performance for the business segment in the coming quarters."