Boustead subsidiary awarded S$7m design-and-build contract for XP Power manufacturing facility in Vietnam

Boustead Singapore Limited (“Boustead”) is pleased to announce that its 91.7%-owned subsidiary, Boustead Projects Pte Ltd (“Boustead Projects”) – a leading specialist in industrial real estate solutions – has been awarded a S$7 million design-and-build contract from XP Power (Vietnam) Co Ltd (“XP Power”) for an electronic power converters manufacturing facility (the “Facility”) located in the Binh Duong Province of Vietnam.

XP Power Ltd is one of the world’s leading developers and providers of power supply solutions to the electronics industry.  Headquartered in Singapore and listed on the London Stock Exchange, it has over 5,000 products ranging from AC-DC power supplies, DC-DC converters necessary for distributed power architectures, through to power protection products.  XP Power Ltd has sales offices and manufacturing facilities at 27 locations throughout Europe, North America and Asia, serving the communications, defence, avionics, industrial and medical industries.

The Facility’s gross floor area of approximately 11,600 square metres is spread over three floors designated for manufacturing, assembly, quality engineering, value-added operations, testing and administrative offices.  The expected completion is in 4Q 2011.

Although the implementation of green building technologies is not the norm in Vietnam, the Facility has been earmarked to comply with a standard equivalent to Singapore’s Green Mark and will incorporate renewable energy design features including a solar panel array system to significantly enhance energy efficiency.  The Facility is located in My Phuoc 3 Industrial Park, one of Vietnam’s largest industrial development zones, supporting not only industrial activities but also various commercial, residential and education developments.

Mr Thomas Chu, Managing Director of Boustead Projects said, “It is an honour to be selected by XP Power as the design-and-build partner for its first manufacturing facility in Vietnam.  This facility will complement XP Power’s existing facility in Kunshan, China, and help XP Power to further penetrate the regional markets and secure vendor agreements with its blue chip client base through its position as a technology-led business with independent manufacturing capabilities.  Boustead Projects is proud to be deploying our strong design and value engineering expertise to support XP Power in its strategic expansion in Asia.”

In 2007 and 2009, Boustead Projects successfully delivered logistics and manufacturing facilities for two of Singapore’s largest SGX-listed companies at the Vietnam-Singapore Industrial Park and the Nhut Chanh Industrial Park respectively.  The latest contract further strengthens Boustead Projects’ regional expansion, in which Vietnam is a key strategic market for the future.

The above contract is not expected to have a material impact on the profitability, earnings per share or net asset value per share of Boustead in the current financial year ending 31 March 2011.

None of the Directors or controlling shareholders of Boustead has any interest, direct or indirect, in the above contract.

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