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Consortium containing Alpina Holdings subsidiary awarded $115.7 mil integrated facilities management contract

Jovi Ho
·1-min read

The contract is expected to commence in January 2025 and complete by December 2028.

A wholly-owned subsidiary of Catalist-listed Alpina Holdings Zxy has been awarded a contract worth approximately $115.7 million to provide integrated facilities management (IFM) services for a tertiary education institution in Singapore.

In a June 24 bourse filing, Alpina Holdings says its subsidiary Digo Corporation participated in a tender with consortium leader Savills Property Management. Savills, an unrelated third party, is a property and facilities management company based in Singapore.

The contract is expected to commence in January 2025 and complete by December 2028, with an option for the customer to extend the contract for another four years and three months.

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Alpina's board highlights that the provisional contract sum is indicative and may not be an accurate indicator of the actual revenue to be recognised by the group, “as the final contract sum will depend on the actual work to be undertaken”.

The contract is not expected to have a material impact on the earnings per share and net tangible assets per share of the group for the current financial year ending Dec 31.

Barring any unforeseen circumstances, the board expects the contract to contribute positively to the group’s financial performance for the duration of the contract.

Listed in 2022, Alpina is a Singapore-based contractor specialising in providing integrated building services (IBS), mechanical and electrical (M&E) engineering services and alteration and addition (A&A) works.

In February, Alpina announced losses of $230,000 for its FY2023 ended Dec 31, 2023, compared to earnings of $2.0 million in FY2022.

Shares in Alpina closed flat at 14 cents on June 24.

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