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Yongnam expects uplift with S$101.3m worth of new contracts

MAINBOARD-LISTED steelmaker Yongnam Holdings has bagged five civil engineering contracts worth S$101.3 million for infrastructure projects, the company said on Tuesday.

The contracts for developments in Singapore and Hong Kong "are expected to have a positive impact on the group's financial performance" for the year to Dec 31, the company said. It had last announced some S$120.8 million in contracts in Singapore, Hong Kong and India in May.

Yongnam has won a sub-contract to carry out temporary earth-retaining works for an unnamed infrastructure project in eastern Singapore, to be completed in 2023, as well as two sub-contracts for the construction of the North-South Corridor, to be finished the next year.

The group will also carry out works for a Hong Kong International Airport building by 2021, and handle earth-retaining systems and traffic decking at Yau Ma Tei East by 2024.

Chief executive Seow Soon Yong said that Yongnam's role in infrastructure mega-projects demonstrates "the group's proven capabilities in handling a wide range of technical and engineering challenges" and pledged to deepen the company's relationships with customers.

Yongnam shares closed up 0.1 Singapore cent or 0.69 per cent to S$0.146 before the announcement.