IPS Securex wins S$10.4m security maintenance contract

CATALIST-LISTED security firm IPS Securex Holdings said on Tuesday that its unit IPS Securex (IPS) has won a S$10.4 million maintenance contract with a government agency in South-east Asia.

IPS has received a variation agreement to a principal contract dated June 12, 2013 - entered into between IPS and the government agency in South-east Asia - to provide maintenance support and equipment replacement services for the agency's integrated security solutions.

The variation agreement is valued at approximately S$10.4 million, of which S$6.8 million is for IPS to provide maintenance support for certain integrated security solutions for a two-and-half-year period from June 12, 2017, to Dec 11, 2019, and to provide equipment replacement services for these integrated security solutions.

The remaining S$3.6 million is in relation to an option exercisable by the South-east Asian government agency for IPS to, among others, extend the maintenance support services and other system support services for certain system integrated security solutions.