Kingsmen unit awarded S$29m in contracts

KINGSMEN Creatives - which designs booths and other exhibition structures for events - said on Monday evening that its subsidiary, Kingsmen Exhibits, has been awarded contracts worth S$29 million for fabrication and construction works for the Formula 1 Singapore Grand Prix.

In a filing with the Singapore Exchange, Kingsmen said: "The contracts involve the fabrication and construction of the circuit-wide Grandstand seats, Paddock Club, Corporate Suites at Pit Straight and Hospitality Facility at Turn 23 over a four-year period; and the Paddock Kitchen over a two-year period, all commencing from 2018."

The contracts are expected to contribute positively to the earnings per share and net tangible assets per share of the group for the financial years ending Dec 31, 2018 to 2021, it said.

Kingsmen shares finished S$0.005 or 0.9 per cent down at S$0.56 on Monday before the announcement.