King Wan secures four contracts worth S$10.8mln

Mechanical and electrical installation projects set for completion 2013 strengthen order book to S$142mln.

Beginning financial year 2011 on a high note, mainboard-listed King Wan Corporation Limited (King Wan or the Company) has secured four contracts worth approximately S$10.8 million for Mechanical and Electrical (M&E) engineering. These four new contracts were awarded to King Wan’s wholly-owned subsidiary, King Wan Construction Pte. Ltd.

The scope of M&E engineering works includes electrical installation, air conditioning and mechanical ventilation systems installation as well as firehose reel, dry riser, plumbing and sanitary systems installation for private condominiums and HDB flats located in various parts of Singapore. Work on the various projects has commenced and the projects are due for completion by the year 2013, as mentioned in a King Wan report.

Ms Chua Eng Eng, Managing Director of King Wan, said: “We are very grateful to have secured these new projects from our clients,whom we value greatly.”

“We have always placed great importance on winning good quality contracts that can provide profitable and sustainable margins. These new contracts further strengthen our position in the M&E engineering industry. They add diverse value to our current portfolio and enhance our access to an even wider range of opportunities in the building and construction sector,” added Ms Chua.

King Wan is an integrated building services company with principal activities in the provision of M&E engineering services for the building and construction industry. It also operates in three other business segments, namely Property, Manufacturing and Services.

The Group has an order book of approximately S$131million based on secured M&E engineering contracts as at 27 May 2010, with projects lasting up to 2013. These four new contracts have boosted King Wan’s order book to approximately S$142 million to date. The Company reported a set of solid results for its full year ended 31 March 2010 with its best performance in profit and revenue, achieving a net profit after tax of S$9.5million, up 81%, on revenues of S$70.5 million.