Figtree Construction (Jiangsu), an 85%-owned subsidiary of Figtree Holdings 5F4 , has secured a RMB43.0 million ($7.97 million) contract to design and build an industrial facility located in Jiangsu Province, China.
The contract was awarded to Figtree Jiangsu’s wholly-owned subsidiary Figtree Projects (Shanghai) by Jiangsu Jiaerte New Material Technology, a leading manufacturer of polyvinyl fluorethylene (PVDF) and photovoltaic module packaging film products.
The facility will be Jiaerte’s main manufacturing and distribution centre, with a gross floor area of some 29,000 square metres, consisting of a 4-storey manufacturing space. Construction of the facility is expected to commence in the first quarter of 2024 and complete in the first quarter of 2025.
Figtree says the Contract will contribute to its revenue but is not expected to have a material impact on its earnings per share (EPS) and net asset value (NAV) per share for the FY2024 ending Dec 31.
Shares in Figtree closed unchanged at 2.2 cents on Jan 3.
