Safran Group awards second contract to Boustead Projects

Safran Electronics Asia tasked Boustead to design-build-and-lease its integrated factory and office facility covering 6,000 square-metres.

Boustead Singapore Limited (Boustead) is pleased to announce that its 91.7%-owned subsidiary, Boustead Projects Pte Ltd (Boustead Projects) – a leading specialist in industrial real estate solutions – has been awarded a second contract from a company within the Safran Group, a global high-technology group with three core businesses: aerospace, defence and security. The Safran Group employs 54,900 employees worldwide and generated sales exceeding 10.4 billion euros in 2009.

Under a separate contract which is totally independent of an earlier announced contract from Cenco Inc (another company within the Safran Group), Boustead Projects was awarded a contract from Safran Electronics Asia Pte Ltd (SEA) to design-build-and lease an integrated factory and office facility for SEA. Due to be completed in the first quarter of 2011, the facility will have a gross floor area of approximately 6,000 square metres spread over two floors.

SEA is a joint venture between Sagem Défense Sécurité (Sagem) (51%) and SIA
Engineering Company Ltd (SIAEC) (49%). Sagem is a world leader in solutions and services in optronics, avionics, electronics and critical software for civilian and military applications, and is an integral part of the aerospace and defence businesses of the Safran Group. SIAEC is a major provider of aircraft maintenance, repair and overhaul services in the Asia Pacific.

The above contract is not expected to have a material impact on the profitability, earnings per share or net asset value per share of Boustead in the current financial year ending 31 March 2010 or the next financial year ending 31 March 2011.