The Singapore-based specialist engineering service provider has received a letter of award for the design and build of laboratory and office space
AcroMeta Group, an established specialist engineering service provider in the field of controlled environments, has received a letter of award (LOA) for the design and build of laboratory and office space worth approximately S$6.1m (US$4.6m).
The order comes from a global clinical research organisation that helps companies conduct clinical development of drugs or medical devices (the Project).
We are greatly encouraged that the Project involves a new customer in the biotechnology space
- Mr Lim Say Chin, Executive Chairman
The Project site work is commencing soon and a binding contract would be executed in due course. In the unlikely event that execution of the contract is not followed through, the Group is safeguarded as it would be entitled to claim a maximum value of approximately S$1.8m (US$1.3m) for value of works performed.
Mr Lim Say Chin, Executive Chairman, said: "We are greatly encouraged that the Project involves a new customer in the biotechnology space. This speaks of the confidence that our customers have in our capabilities. We will continue to work hard towards delivering quality services, leveraging on our established track record and proven expertise as controlled environment specialist engineers."
The Project is expected to contribute positively to the earnings per share and net tangible assets per share of the Group for the current financial year ending 30 September 2023.
To the best of the Directors' knowledge, none of the Directors and controlling shareholders of the Company have any interests, direct or indirect, in the Project, other than through their respective shareholdings in the Company.
AcroMeta has also agreed to purchase an additional 40% of the outstanding shares of Life Sciences Incubator (LSI) for a total consideration of S$1.6m ($1.2m) payable in tranches, based on realisation of agreed milestones in its immediate expansion plan. Upon completion of the purchase, the Group will control 70% of LSI, up from the current 30%.
LSI currently operates a 6,500 sqft co-working laboratory space at The German Centre in Singapore serving SMEs and start-ups.