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TEE International secures Singapore project, renews Thailand contracts
TEE International has secured an engineering maintenance contract for a mixed development in Singapore, and renewed other contracts in Thailand, the Mainboard-listed company announced in a bourse filing on Thursday.
The announcement comes a day after TEE International reported a widening of its net loss to S$35.9 million for the second quarter ended Nov 30, from S$3.2 million a year earlier.
Under the Singapore contract, TEE International will provide engineering services maintenance and solutions for a Grade-A office building and retail space in the Marina Bay Area.
Meanwhile, its unit Oscar, Estate Management, has clinched a nine-year extension of its contract from the National Housing Authority of Thailand (NHA) to operate and manage the Lat Krabang affordable housing estate in Thailand.
NHA extended the lease agreement for building and community management services for the 2,431 units situated within Phase 4 and Phase 1 of the Lat Krabang housing estate. TEE International has been operating and managing the Lat Krabang affordable housing estate since 18 years ago.
Separately, the company has received a five-year renewal on its contract with the Bangkok Metropolitan Administration to manage an underground Wastewater Treatment Plant in Thailand.
TEE International's associate, GETCO, will support and operate the Bang Sue plan, so as to meet the standard of effluent quality. In FY2019, revenue contribution from both Thai entities, Oscar and GETCO, amounted to approximately S$6.7 million.
"Going forward, we will continue to focus on acquiring knowledge and expertise in technology-based advancements in the engineering and construction industry. At the same time, we remain committed to delivering high-quality projects while working on initiatives that would value-add to existing projects and future projects," said TEE International's interim chief executive Eric Phua.
Shares of TEE International closed at S$0.051 on Thursday, down 8.93 per cent.