Kingsmen secures deals worth $75.4m for theme park and F1
Mainboard-Listed Kingsmen Creatives has clinched deals worth a combined $75.4 million which are expected to contribute to the company's performance over the next five years.
Its wholly-owned subsidiary Kingsmen Exhibits won five contracts worth $31 million for the Formula 1 Singapore Grand Prix by Singapore GP.
This is for fabrication and construction of grandstand seats at several viewing areas over three years, as well as interior fit-out works at the Paddock Club and works at the corporate hospitality suites over five years, Kingsmen said on Friday.
Separately, another subsidiary, Kingsmen Shanghai, was awarded three contracts for a theme park in China worth $44.4 million.
This is for the design, fabrication and installation of show sets, props, lighting and audio-visual fittings, among others. Works are expected to be completed by the end of 2015, in line with the opening for the theme park, which is run by a US operator.
Benedict Soh, executive chairman of Kingsmen Creatives, said that the theme park contracts "bear testament to our growing reputation in the attractions industry in the region", and is optimistic that its involvement in "iconic projects" will continue to grow.
The company expects the contracts announced on Friday to contribute positively to the earnings per share or net tangible assets per share for Kingsmen and its subsidiary companies over the next five years.
Shares in Kingsmen gained 2.9 per cent at 88 cents on Friday, before the deals were announced.