The planned acquisition of Dacai was first announced by Alpina in March 2023 with the acquisition price to be S$24 million.

 

Dacai, held by one Dong Cai, owns the Wan Dormitory at 180 Woodlands Industrial Park E5.

 

The Group notes that it is looking to acquire the property as there is a shortage of dormitories in Singapore, and the group has faced difficulties in expanding its foreign worker strength due to the lack of available dormitories.

 

Accordingly, the Group intends to acquire the target as an investment, as well as for the group&rsquo s own use as additional dormitory space for its workers.

 

Alpina, listed back in Jan 2022, is an established Singapore-based specialist in providing

integrated building services (&ldquo IBS&rdquo ), mechanical and electrical (&ldquo M& E&rdquo ) engineering services, and

alteration and addition (&ldquo A& A&rdquo ) works in Singapore. 

 

Alpina' s customers are predominantly in the public sector, such as government ministries and statutory boards as well as public education institutions.

 

Alpina announced in July that it has secured a total of 13 contracts with an aggregate provisional contract sum of approximately $216.9 million during the first six months of 2023. Most of the contracts are public-sector projects, with varying completion dates ranging from December 2024 to June 2027. 

 

It is led by executive chairman and CEO, Low Siong Yong, and executive director, Tai Yoon On.

Building new capabilities to be at the forefront of Singapore&rsquo s renewable energy and smart-city transition.

 

Many of us living in HDB flats would be familiar with the estate renewal programmes like block painting and other building upgrading and maintenance works that are carried out at regular time intervals.

 

One of the companies that benefit from such projects is Alpina Holdings (SGX Code: ZXY), a Singapore-based contractor that specialises in providing integrated building services, mechanical and electrical engineering services, as well as alteration and addition works.

 

Founded in 2003 and listed on the Singapore Exchange&rsquo s (SGX) Catalist in 2022, Alpina Holdings is also spearheading new green growth drivers in the renewable energy and smart city market segments. To this end, it was awarded the sixth solar leasing tender to provide the installation of solar panels across 1,198 HDB blocks and 57 government sites, as well as the installation of smart electrical sub-meters at HDB blocks.

 

Here are 5 things to know about Alpina Holdings if you are interested in businesses involved in the industrial & commercial services sector.

 

Under Singapore Green Plan 2030, there are concrete targets over the next 10 years as mentioned above that require billions of investments across Singapore and Alpina is well-positioned to capitalise on these opportunities given unique market positioning with our strong our track record serving predominantly public sector customers and our core competencies in IBS, M& E and A& A.

 

The positive trends in Singapore&rsquo s construction demand also bodes well for our operating environment.

 

The Group will continue to proactively tender for new projects in the public and private sector that are of larger scale and size.

 

We believe that we are at the forefront of Singapore&rsquo s renewable energy and smart-city transition. Our expanded portfolio of products and services that allows real-time analytics can provide growth opportunities in our markets.

 

As solar energy adoption gains pace in Singapore, our accumulated technical know-how and track record will position us well for opportunities ahead.

 

There will be more zero-energy buildings in Singapore that employ energy-efficient technologies, circular materials, and low-carbon innovations.

 

We are confident that the measures we took in recent years will enhance our &ldquo green&rdquo growth drivers and continue to allow us to capitalise on the growth opportunities in our targeted market segments.

 

Our 4 most relevant, significant factors are:

 

#1 Environmental Regulatory Compliance: We seek to incorporate green design, sustainable materials, and efficient construction practices. We are compliant with the government&rsquo s air quality, noise and dust pollution requirements.

 

#2 Employment Practices: We adopt fair and performance-based recruitment and employment practices to attract the bestsuited individuals and retain existing employees

 

#3 Occupational Health and Safety: We are dedicated to creating a safe working environment with safety work measures and monitoring at work sites.

 

#4 Business Conduct and Ethics: The Group is fully committed in achieving the highest corporate governance standards and have adopted zerotolerance for acts such as fraud, bribery, and corruption.

 

With many economists predicting a slowing economy and a possible recession in the near term, how is the Group preparing itself to ride out this storm?

Our order book provide us visibility, where in July 2023, Alpina announced that it has secured a total of 13 contracts with aggregate provisional contract sum approximately S$216.9 million during the first six months of 2023.

 

The COVID-pandemic has taught us valuable lessons in business sustainability and continencies plans. With aim to strengthen our business model and develop new revenue streams, we are expanding our presence in the renewable energy industry, where the Group&rsquo s wholly-owned subsidiary, Digo Corporation, and a joint venture partner have been jointly awarded the sixth solar leasing tender under the SolarNova Programme by HDB, which is a 70 MWp project for the installation of solar panels across 1,198 HDB blocks and 57 government sites as well as the installation of smart electrical sub-meters at HDB blocks. Moving ahead, with the greening of Singapore&rsquo s economy, we look forward to harness more opportunities in this area with our expanding capabilities.

 

Direct proxy to the multi-billion market prospects in Singapore&rsquo s construction, green economy and smart city initiatives: Singapore&rsquo s total construction demand is expected to reach between S$25 &ndash S$32 billion per year from 2024 to 2027. In addition, Singapore continues to advance towards a smarter city and greener economy with long-term initiatives that require billions of investments.

 

Alpina&rsquo s business model, track record (serving predominantly public sector customers such as government ministries and statutory boards as well as public education institutions) and core competencies in IBS, M& E and A& A, makes us well-positioned towards strong market prospects in the construction, green economy and smart city initiatives in Singapore.

 

Growing order book: Just in the first six months of 2023, Alpina announced that it has secured a total of 13 contracts with aggregate Provisional Contract Sum of approximately S$216.9 million, which provide good visibility for the Group&rsquo s future.

 

 

The Board wishes to announce that the Deposit that the Company had previously paid to the Vendors pursuant to the execution of the Term Sheet has been fully refunded to the Company on 22 September 2023.

 

Alpina Holdings' plans to acquire Dacai Pte Ltd, a company that owns a workers' dormitory, has fallen through.

 

The planned $24 million acquisition of Dacai was first announced by Alpina.

 

Dacai, held by one Dong Cai, owns the Wan Dormitory at 180 Woodlands Industrial Park E5.

 

Alpina, listed back in Jan 2022, was founded in 2003 by and provides construction and engineering services. It is led by executive chairman and CEO, Low Siong Yong, and executive director, Tai Yoon On.

 

In its Sept 16 announcement, Alpina notes that no definitive agreement has been signed with the seller and upon expiry of the exclusivity period on Sept 15, no agreement has been made between Alpina to extend the exclusivity period.

 

" The vendors have also informed the company on Sept 15 2023 that they do not wish to proceed with the proposed acquisition," states Alpina.

 

It is now " considering" its options and rights for recourse against the vendors, including seeking a refund of a deposit already paid.

 

Back then, Alpina reasons that there was a shortage of dorms in Singapore. By acquiring Dacai, Alpina can house its own workers and also for investment.

 

On Aug 11, Alpina reported earnings of $140,000 for its 1HFY2023 ended June, down 92.9% y-o-y. Revenue in the same period was up 3.5% y-o-y to $25.56 million.

 

https://links.sgx.com/1.0.0/corporate-announcements/LR6EXI8BCT0AZ537/b8736a7df5f6c238b307ca3fb21462cc85c5efbbe1e25fc0eb3bc8d60725f5d8