BEIJING, Nov. 19, 2012 /PRNewswire-FirstCall/ -- Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, announced today that its wholly owned subsidiary Concord Corporation Pte. Ltd. ("Concord") signed a contract with SMRT Trains Ltd in Singapore ("SMRT") to provide design, electrification and installation service for North-South and East-West lines ("NSEWL") stations renovation. The contract is valued at approximately SGD $6.80 million, or USD $5.59 million, the project will be completed within eight months.
This contract is for the renovation of NSEWL stations, and there will be another portion regarding the depots reconstruction valued approximately SGD $4.20 million, or USD $ 3.45 million, which Concord is tightly following up. Besides, the stations and depots renovation is for the preparation of the whole lines resignaling project, this contract win puts Concord a pole position for winning this sizable resignaling project as well.
As per the terms of this contract, Concord Corporation is to design, procure, install the Addition and Alteration (A&A) Works, and to coordinate and align with SMRT to install new signaling equipment in existing rooms like Signal Equipment Rooms, Plant Rooms etc. at the NSEWL stations. These existing rooms have to be renovated and fitted out with utilities such as power, lightings, air-conditioning to meet the standards for an equipment room as per SMRT's Technical Specifications.
Changli Wang, Chairman and CEO of Hollysys, commented: "We are pleased to announce this contract win and glad to see that Concord is continuously winning new business. We believe the combination of Concord's customer base and industry know-how with Hollysys' proprietary technology and products will enable us to make more achievements and pave our way to a broader market space in
Southeast Asia and the
Middle East in both industrial and rail transportation sectors, and continuously create value for our shareholders."