Yongnam Holdings secures contracts worth S$73.4m

MAINBOARD-LISTED Yongnam Holdings has secured new contracts in Australia and Singapore worth S$73.4 million, the structural steel and specialist civil engineering firm announced in a Singapore Exchange filing on Wednesday. Yongnam said that the contracts are expected to have a positive impact on its financial performance for the year ending Dec 31, 2018.

The firm is entering Australia for the first time with several specialist civil engineering contracts, supplying steel struts and strutting components for infrastructural developments in Melbourne. The signing of the last of these contracts, worth S$47 million, is expected to be completed in January 2019.

In Singapore, Yongnam has two contracts from repeat customers for the supply, fabrication, delivery and erection of structural steelwork. The first, awarded by China Construction (South Pacific) Development Co, is for an integrated community and sports facility in Sembawang and is expected to be completed by the first quarter of 2020. The second, awarded by PBT Engineering, is for the launching of 14 sets of fixed gangways in Changi Airport Terminal 1 and is expected to be completed in 2021.

Said Yongnam chief executive officer Seow Soon Yong: "Yongnam is delighted to have made inroads into the Australian market with supply contracts for landmark infrastructure projects in Melbourne. This is testament to our specialist structural civil engineering expertise in the development of a modular system of steel strutting components to accommodate various project conditions underground."