Memiontec Holdings bags contracts totalling about S$14 million

WATER treatment company Memiontec Holdings on Monday (Dec 19) announced that it has clinched several new contracts in Singapore and Indonesia with a total value of about S$14 million.

These transactions take the Catalist-listed company’s order book to S$113 million as at Dec 16, most of which is expected to be undertaken over the next two years, the company said in a bourse filing.

The board expects the new contracts to contribute positively to both the group’s financial results as well as its net tangible assets per share and earnings per share for the duration of the new contracts, subject to any unforeseen circumstances.

The deals include S$10 million worth of new contracts in Indonesia, primarily in total solutions with engineering, procurement and construction projects, and a separate S$3.6 million contract for the replacement of membranes at the Kranji NEWater plant in Singapore.

“Our new contracts show the region’s sustained demand for water treatment solutions,” said executive director and chief executive officer Tay Kiat Seng.

“We are also well-positioned to deploy our expertise and operational capabilities to help deliver cost-effective, pragmatic water solutions, particularly as countries in Asean look to enhance and improve their water systems and infrastructure for greater water security,” he added.

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Shares of Memiontec closed 17.5 per cent or S$0.05 lower at S$0.235 on Monday.