SINGAPORE (Jan 24): Chasen Holdings, the investment holding company with subsidiaries in specialist relocation solutions, technical & engineering services and third-party logistics, has secured three book orders totalling to S$20.6 million for the financial year ending March 31, 2017.

The first specialist relocation project is valued at S$17 million and undertaken in the US by Chasen (USA), a wholly-owned subsidiary of Chasen Logistics Services.

In Singapore, Chasen Logistics Services has been engaged in specialist relocation, packing of equipment and warehousing services in the upgrading of a semi-conductor wafer fabrication manufacturing plant for about S$2 million.  

Lastly, Chasen Logistics Sdn Bhd’s project, which is valued at about S$1.6 million, involves specialist relocation and packing of equipment and machinery for a Japanese-owned semiconductor manufacturing plant in Malaysia.

In a Monday filing to the Singapore Exchange (SGX), the Mainboard-listed company says it expects the projects, which will be funded by through bank borrowings and internal financial resources, to contribute positively to the current financial year, as well as spill over to FY18.

Low Weng Fatt, Chasen’s managing director and CEO, comments: “These project wins attest to our customers’ confidence in the Chasen brand and have given us the impetus to continue our business growth and improve our bottomline, despite the forecast of strong economic headwinds.”

In addition to improving its revenue, the group says it will continue to streamline administration in the various subsidiaries, with a view to further reduce overall administrative costs to improve its margins and profitability.

Shares of Chasen closed flat at 3 Singaporean cents.