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Chasen secures projects worth over $20 mil for FY2020

PC Lee
Updated

SINGAPORE (Aug 26): Chasen Holdings announced on Friday its subsidiaries in specialist relocation and third party logistics (3PL) have secured contracts amounting to $22.4 million in FY20 ending March.

For the specialist relocation business segment, Chasen Hi-Tech Machinery Services, which is based in Chuzhou, China, will provide move-in and warehousing related logistics services for an 8.6th Generation thin-film transistor liquid crystal display (TFT LCD) manufacturing plant in Mianyang, Sichuan province.

The project worth approximately $10 million will run from October 2019 to September 2020.

Penang-based Chasen Logistics also secured the renewal of a relocation contract with a German MNC located in the Kulim Hi-Tech Park in Kedah, Malaysia, for a period of three years from June to May 2022 valued at $1.3 million.

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In Singapore, Chasen’s subsidiary, Liten Logistics Services secured a warehousing and distribution contract worth approximately $3.8 million that runs from July to July 2021.

Chasen’s other Penang-based 3PL subsidiary, City Zone Express, is currently performing a contract worth approximately $3.2 million to provide cross-border services from Malaysia to Vietnam and China to Singapore, which begun in January and will run till January 2021.

There is a second contract, for the period of July 2019 to July 2021, worth approximately $2.5 million in the first year and $1.6 million in the second year whereby Chasen is providing cross-border services from Singapore to Thailand and Malaysia to Singapore.

The projects will be funded through bank borrowings and internal financial resources.

Shares in Chasen closed at 7.4 cents last Friday.