More contract wins in the pipeline after Libra clinches BCA grading upgrade

It’s now qualified for an unlimited amount of public projects.

Libra Group has announced that its wholly-owned subsidiary Kin Xin Engineering had clinched an upgrade in its BCA grading from the L5 category to the L6 category for air conditioning, refrigeration and ventilation works.

According to OCBC, the upgrade will allow Kin Xin to tender for an unlimited amount of public government projects. Prior to this, an L5 status had constrained them to a tendering limit of $14m.

“We also keep in mind that its main contract business will likely receive a license upgrade from a C2 to B1 status (tender limit increase from S$1.4m to S$40m) in the latter half of this year. We are keeping our fair value estimate at S$0.33 for now, while we expect upside from more contract wins,” stated OCBC.