BUILDING maintenance company ISOTeam announced on Thursday that it has secured contracts totalling S$20.84 million.

 

This brings the total value of projects secured for the financial year ended June 30, 2021 to around S$63.10 million.

 

These projects are expected to be progressively completed by February 2024.

 

They include two interior design projects (worth S$9.98 million), two mechanical and electrical projects (S$8.88 million) and four coating and painting projects (S$1.98 million).

 

Said executive director and chief executive officer Anthony Koh: " After a watershed 2020, we are pleased to have regained momentum in securing new business and we are optimistic that it can only get better from here."

 

" Amidst the ongoing macro-economic uncertainties and price pressures in the market, I believe our multi-disciplinary capabilities, sound track record and long standing customer relationships are key differentiators that will enable us to stand strong against the competition," he said.

BUILDING maintenance firm ISOTeam has won contracts totalling S$21.38 million, which takes the total amount of projects secured in the year to date for the financial year to S$42.26 million.

 

Among the contracts, to be progressively completed by October 2022, is a S$10.5 million deal for an interior-rejuvenation project for one of the integrated resorts in Singapore, and four repair-and-redecoration projects worth about S$8.65 million, including works to 20 blocks in Holland Close, Holland Avenue, Holland Drive, Commonwealth Close and Commonwealth Drive.

 

Chief executive officer Anthony Koh said: " 2020 has been a very challenging year for our industry, but we are very motivated by the latest contract wins and glad that the group is able to end the year on a good note.

 

" Despite the ongoing economic uncertainty, the number of projects up for tender appears to be increasing, with the gradual resumption of construction activities. We will continue to pursue all leads in order to boost our order book and ensure that our resources are optimally utilised."

 

SINGAPORE Exchange Regulation (SGX RegCo) on Thursday warned shareholders and potential investors to exercise caution when dealing in shares of building maintenance firm ISOTeam.

 

This came after the counter surged to S$0.149 on Sept 24, up 7.2 per cent from S$0.139 from Sept 23, and has steadily remained around S$0.147 since.

 

SGX RegCo flagged that some 71 per cent of the traded volume in ISOTeam' s shares between Sept 24 and Nov 24 stemmed from a small group of accounts. These accounts were responsible for over 83 per cent of the buy trades on Sept 24, when the stock surged.

 

" The individuals behind these accounts appear to be connected to each other," said SGX RegCo, adding that there were cross trades between these accounts during the period under review. These cross trades consisted of slightly over 55 per cent of on-market traded volume. Meanwhile, these accounts engaged in trading among themselves on 41 of the 44 trading days between Sept 24 and Nov 24.

 

SGX RegCo is further reviewing the trades and will take necessary action, including referring the case to the authorities where warranted, it highlighted.

 

The share price movement occurred amid ISOTeam' s results release - which took place on Oct 30 - for the year ended June 30, 2020. It chalked up a full-year loss of S$21.49 million, sinking into the red from a profit of S$6.3 million previously.