SINGAPORE, Oct 6, 2023 – (ACN Newswire via SeaPRwire.com) – ACROMETA Group Limited (“ACROMETA”, or the “Company” and together with its subsidiaries, the “Group”), an established specialist engineering service provider in the field of controlled environments serving mainly the healthcare, biotechnology, pharmaceutical, research and academia sectors, today announced that its 70% owned subsidiary company Life Science Incubator Pte Ltd (“Life Science Incubator” or “LSI”) has entered into a Management Agreement (the “MA”) with HB Universal Pte Ltd, a subsidiary of Mainboard-listed Ho Bee Land Limited.
The MA engages LSI to operate and manage a co-working laboratory centre at Elementum, One-North, a building in the heart of Singapore’s biomedical industry district. The MA is for an initial period of six (6) years with an option to renew the MA for a further six (6) years by mutual agreement.
The MA engages LSI to operate, manage, promote and market the co-working laboratory centre; and to provide management and consultancy services for the business. The proposed project will triple the size of LSI’s co-working laboratory space operations in Singapore. With the expanded space, the operations at Elementum will be able to attract companies that require larger Research and Development (“R&D”) space, as well as enable existing LSI customers who want to expand their R&D activities to do so.
The MA follows on the heels of LSI’s recent expansion of its co-working lab space business. On 6 April 2023, Acrometa announced to SGXNet that Life Science Incubator signed an MOU with a renowned German commercial property group to be the anchor tenant for its planned Brisbane co-working laboratory space project. On 21 March 2023, AcroMeta announced that it had signed an MOU with a Thailand industrial waste disposal company for the construction and operation of a laboratory for the testing and certification of solid waste and sludge. The construction of the laboratory would be done by Acrometa’s wholly-owned subsidiary Acromec Engineers, and LSI would operate the laboratory; with an option for joint ownership.
Mr Levin Lee Keng Weng, ACROMETA’s Executive Chairman, commented: “Biomedical sciences is an integral part of Singapore’s future economy with its focus on high value-add industries. Co-working laboratory spaces allows SMEs and startups to kickstart their R&D without incurring initial high CAPEX. There is a rising number of SMEs and startups needing co-working laboratory spaces with specialized infrastructure to conduct their R&D to bring their innovative products to the market. That is where LSI comes in.”
Mr Lee added, “Having a working partnership with Ho Bee Land, a well-known and established property developer, would solidify the LSI brand of co-working laboratory spaces. This will position us for international expansion of the LSI brand that we are planning, as there is demand for co-working laboratory space in major cities and industrial hubs globally.”
About ACROMETA Group Limited (SGX Stock Code:43F)
ACROMETA (Previously known as ACROMEC Limited) is an established specialist engineering services provider with more than 25 years of experience in the field of controlled environments.
The Group has, over the years, acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.
ACROMETA’s business is divided into three main business segments: (i) Engineering, procurement, and construction services, specialising in architectural, and mechanical, electrical, and process works within controlled environments; (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure. (iii) Co-Working Laboratory business; currently operates 6,500 square feet of co-working laboratory space at The German Centre in Singapore, serving SMEs and startups.
The Group mainly serves the healthcare, biotechnology, pharmaceutical, research and academia, and electronics sectors. ACROMETA’s customers include hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies.
The Company has been listed on the Catalist board of the Singapore Exchange since 2016. For more information, please visit www.acrometa.com.
Media and Analysts Contact:
ACROMETA Group Limited
Ms. Cheah Lai Min
Chief Financial Officer
Tel: +65 6415 0574
This media release has been reviewed by the Company’s Sponsor, Evolve Capital Advisory Private Limited (the “Sponsor”). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “Exchange”), and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.
The contact person for the Sponsor is Mr. Jerry Chua, 138 Robinson Road, #13-02 Oxley Tower, Singapore 068906, email@example.com.
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