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Chip Eng Seng unit bags S$433m contract

THE Public Utilities Board (PUB) has awarded the  Tuas Water Reclamation Plant contract worth S$433 million to Sembcorp Design and Construction, a wholly-owned subsidiary of mainboard-listed real estate group, Chip Eng Seng. 

The contract relates to building works to be undertaken at the Tuas Water Reclamation Plant as part of Phase 2 of the Deep Tunnel Sewerage System project.

The works under the contract include the construction of biosolids building and digesters, the supply and installation of biosolids treatment and biogas handling equipment, and the testing and commissioning of the facilities, said the firm in regulatory update on Thursday.

Construction is expected to be completed by 2025. The contract requires Sembcorp Design and Construction to operate and maintain the facilities a year after completion.

The contract is expected to "contribute positively" to the net tangible assets and earnings per share of the company for the current financial year ending Dec 31, 2020. 

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Chip Eng Seng shares closed at S$0.48 on Thursday, down S$0.01 or 2.1 per cent.

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