Primech A & P secures S$10.65 million contract extension in Singapore

SINGAPORE - Primech A & P, a subsidiary of Primech Holdings Limited (NASDAQ:PMEC), has secured a two-year contract extension valued at S$10.65 million (US$8.3 million) to provide comprehensive cleaning services at an unnamed institution in Singapore.

The contract renewal represents a significant revenue stream for the technology-driven facility services provider, which primarily operates in Singapore’s public and private sectors.

Ken Chang, Head of Operations at Primech A & P, said, "This S$10.65 million contract extension validates our strategic focus on high-value institutional partnerships and demonstrates the strength of our service delivery model."

According to the company’s press release statement, the client’s decision to extend the contract provides Primech with enhanced revenue visibility for the coming two years.

Primech Holdings, headquartered in Singapore, offers a range of facility services including general maintenance, specialized cleaning solutions such as marble polishing and facade cleaning, stewarding services, and cleaning services for offices and homes.

The company claims the contract renewal reinforces its competitive position in Singapore’s institutional cleaning market, though specific details about the institution were not disclosed.

Primech Holdings completed its listing on the Nasdaq exchange under the ticker symbol PMEC, positioning itself as a technology-focused service provider in the facilities management sector in Singapore. Based on InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels. Subscribers can access 8 additional ProTips and comprehensive financial metrics to make more informed investment decisions.

In other recent news, Primech Holdings Ltd. announced that its shareholders have approved several key resolutions, including a share consolidation and a buyback mandate. These approvals were made during an Extraordinary General Meeting, where the adoption of the Primech 2025 Employee Incentive Plan was also confirmed. Additionally, Primech Holdings has initiated a share repurchase program, allowing for the repurchase of up to 20% of its outstanding ordinary shares, pending further shareholder approval. In a strategic move to enhance manufacturing capabilities, Primech AI, a subsidiary of Primech Holdings, has partnered with a manufacturer in Guangdong Province, China, to produce its HYTRON bathroom cleaning robots. The initial production phase will see 300 units rolled out, aiming to meet growing global demand. Primech AI has also deployed its autonomous HYTRON robot in a prominent Singapore mall, showcasing its commitment to integrating AI and robotics in facility services. These developments reflect Primech Holdings’ ongoing efforts to expand its market presence and improve operational efficiency through technology and strategic partnerships.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.