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XMH Holdings wins contracts worth $4.5m

Published on Apr 7, 2014 10:38 AM

SINGAPORE - XMH Holdings, a Singapore-listed provider of diesel engine, propulsion and power generating solutions, has clinched new contracts worth about US$3.6 million ($4.5 million).

One contract is for XMH to provide more than 24 units of Mitsubishi marine engines. The group said it expects to secure contracts to provide another 10 units within the next two months.

"This contract win marks a significant milestone in the group's efforts to secure a foothold in the Vietnamese market as the group's previous efforts over the past year have shown little encouragement," XMH said in a statement on Monday.

XMH chairman and chief executive Elvin Tan added: "This breakthrough reduces any over-reliance the group has on the Indonesian market, traditionally where our main business have been conducted, as it has slowed down significantly in recent times."

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