Lincotrade secures S$35 million asset enhancement contract for integrated development
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INTERIOR fit-out company Lincotrade & Associates Holdings has secured an asset enhancement initiative (AEI) worth about S$35 million.
This marks the largest single contract secured by the company to date and will strengthen the group’s order book for the next two years to about S$78 million, announced Lincotrade on Monday (Jan 30).
The AEI is for an unnamed integrated development comprising serviced apartments, retail malls and office spaces in Singapore. It includes interior fitting-out and refurbishment works which are expected to be completed by June 2024.
“The new contract reaffirms a key part of our business ambitions to leverage on our market position to take on larger value projects,” said managing director Tan Jit Meng.
“We will continue to focus on the execution of our existing projects, undertaking them safely, efficiently and sustainably, while actively pursuing new quality projects,” he added.
The AEI contract is not expected to have a material impact on the company’s earnings per share and net tangible assets per share for the current financial year ending Jun 30, 2023.
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Separately, the company said its building and construction project for a showflat in the Marina Bay area is expected to be completed in the current financial year. This is also the largest showflat project secured by the group to date, it added.
Lincotrade was formerly known as Fabchem China, which was previously in the business of explosives-making before it was acquired by the interior fit-out company through a reverse takeover (RTO).
The counter was transferred from the SGX mainboard to the Catalist board upon the RTO.
Lincotrade is expected to release its results for the six-month period ended Dec 31, 2022, by Feb 14, 2023.
Shares of Lincotrade were trading down by 1.7 per cent or S$0.003 at S$0.17 as at 10.13am on Monday, after the news.
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