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Thursday, 6 June 2019, 10:00 HKT/SGT

Source: ACROMEC Limited
ACROMEC Signs LOI for Collaboration to Own-Operate Private Fertility Centre
- Two renowned medical specialists as core management team
- Leading US fertility centre to be strategic investor and adviser
- ACROMEC to acquire the premises and equipment for the fertility centre

SINGAPORE, June 6, 2019 - (ACN Newswire) - ACROMEC Limited ("ACROMEC", or the "Company" and together with its subsidiary, the "Group"), an established specialist engineering service provider in the field of controlled environments serving mainly the healthcare, biomedical, research and academia sectors, today announced that the Company has entered into a letter of intent ("LOI") for a proposed collaboration to own and operate a private fertility center. The LOI sets out the principal terms of the proposed collaboration.

The LOI is entered into with two renowned specialists in the field of fertility medicine who will lead the core management team, and with a leading US fertility centre as strategic investor and adviser.

The assets required for the operation of the centre, such as the premises and equipment are intended to be acquired by ACROMEC from a former customer of the Group which has now been placed under judicial management.

The Board believes that the proposed collaboration presents a strategic opportunity for the Group to raise its core engineering services business to the next higher value-add level. The Group is working towards a turn-key model where it can source for the funding, design, build, and outfit of medical facilities, to lease out or self-operate upon completion.

Commenting on the LOI, Mr Lim Say Chin, Executive Chairman and Managing Director of ACROMEC, said, "This proposed collaboration is an opportunity to participate in the growth of the fertility business in the region. The high economic growth of the countries in the region, as well changes in demographics and developments in procreation sciences has spawned a strong demand for medical fertility services."

About ACROMEC Limited (SGX Stock Code: 1CH1)

ACROMEC is an established specialist engineering services provider with more than 20 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.

ACROMEC's business is divided into two main business segments: (i) Engineering, procurement and construction services, specialising in architectural, and mechanical, electrical and process works within controlled environments; and (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure.

The Group mainly serves the healthcare, pharmaceutical, biomedical science, research and academia, and electronics sectors. ACROMEC counts amongst its customers, 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. For more information, please visit www.ACROMEC.com.

Media and Analysts Contact:
Mr Jerry Tan
Chief Financial Officer
Tel: +65 6415 0574
Email: [email protected]

Waterbrooks Consultant Pte Ltd
Ng Tian Khean
Mobile: +65 96402808
Email: [email protected]

Topic: Press release summary
Sectors: HealthCare, Const/Eng
From the Asia Corporate News Network

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