Metech unit to provide exclusive technical services to 5 clients

NOLASH Tech, the wholly-owned Chinese unit of Metech International, has inked agreements with five companies to exclusively provide  technical, operation and procurement services, the Catalist-listed firm announced in a bourse filing on Monday after trading hours. 

The aggregate annual service fee for the agreements is 10 million yuan (S$2 million), payable quarterly in advance. The first instalment for each client is due on Nov 1. 

Each service agreement lasts for one year and can be extended for up to four years. Nolash will maintain a refundable deposit of two million yuan with each client. 

Metech expects the agreements to have a positive impact on its results for the current year ended June 2020.

Trading in shares of Metech had been halted on Friday morning, with the share price at S$0.142. The company lifted the halt on Monday evening after market close.