Investment firm Chasen secures $8.2m contracts in China, SEA

The new projects build on the momentum of Chasen’s business recovery.

SGX Mainboard-listed investment holding company Chasen Holdings revealed it has secured $8.2m worth of new projects in China and Southeast Asia.

Chasen has bagged two specialist relocation projects for the electronic sector, one of which is a $1m-worth relocation project for a 6th generation OLED module panel assembly factory in Guangzhou, Guangdong Province, China; whilst the other one is a $0.6m-worth factory relocation of a US-owned, Taiwan-based semiconductor customer.

“Both projects are scheduled for completion by March 2021, and were secured by Chasen’s PRC-based subsidiary Chasen (Chuzhou) Hi-Tech Machinery Services and home-based Chasen Logistics Services, respectively,” said Chasen in a media release.

Meanwhile, Chasen’s Malaysian subsidiary has secured three contracts amounting to $6.6m to deliver electronic and semiconductor parts for two US multinational companies with manufacturing plants spanning Singapore, Malaysia, and China.

“These one-year tenure contracts secured by Penang-based City Zone Express underscore the growing demand for cross-border land freight amidst higher costs and restricted capacity for sea and air freight due to disruptions caused by COVID-19,” added Chasen. Cross-border operations have already commenced for the first two contracts, whilst the third one will begin in Q4 FY2021.

The new projects “build on the momentum of business recovery” which began when the firm announced new contracts amounting to $21m at the end of July this year.