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TEE International wins S$40m in engineering contracts
MAINBOARD-LISTED TEE International has secured S$40 million worth of new contracts for engineering works, bringing its order book to S$326 million to date, it announced on Monday after trading hours.
One of the contracts was from a repeat client, for the group’s building and construction division to carry out asset enhancement initiative works for a 21-storey tower in Singapore's central business district.
Another repeat client awarded a new contract to the company's mechanical and electrical division to supply, deliver and install switchgear and ancillary equipment for a data centre in Singapore.
TEE International interim group chief executive Eric Phua said: "Going forward, we will focus on upgrading our technological capabilities and progressively developing our core engineering business while growing our recurring revenue base."
The new contracts are not expected to have a material impact on the group’s earnings or net tangible assets for the financial year ending May 31, 2020.
The counter was trading at 5.4 Singapore cents as at 9.20am on Tuesday, up 0.2 cent or 3.9 per cent, after the announcement was made.