AcroMeta Group, has received a letter of award (LOA) for the design and build of laboratory and office space worth approximately $6.1 million from a global clinical research organisation.
AcroMeta is an established specialist engineering service provider in the field of controlled environments serving mainly the healthcare, biotechnology, pharmaceutical, research and academia sectors.
The LOA is intended to assist in conducting the clinical development of drugs or medical devices. The company says site work is commencing soon and a binding contract will be executed in due course.
AcroMeta says that in the unlikely event that the execution of contract is not followed through, it is safeguarded by its entitlement to claim a maximum value of approximately $1.8 million for value of works performed.
Executive chairman Lim Say Chin says, “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,” he adds.
See also: Sembcorp receives LOA for 300MW wind-solar hybrid power project in India
The project is expected to contribute positively to the earnings per share and net tangible assets per share of Acrometa for the current financial year ending September 2023.
Shares in Acrometa closed at 3.9 cents on 29 Dec.
