SINGAPORE (Jan 20): Keong Hong Holdings announced Monday that wholly-owned subsidiary Keong Hong Construction and the Singapore unit of Hyundai Engineering & Construction Co have been awarded a $306.6 million main contract for the proposed development of a sports and recreation centre.
Keong Hong Construction and Hyundai, who had submitted a joint tender for the project, have received a letter of acceptance from the Singapore Sports Council.
The companies are currently working out an agreement for a joint venture company to take on the main contract of the project.
Keong Hong says it will fund its share of the costs for the project by internal resources and bank borrowings.
The contract win is not expected to have any material impact on Keong Hong’s consolidated net tangible assets per share and consolidated earnings per share for the current financial year ending Sept 30, 2020.
Shares in Keong Hong closed flat at 46 cents on Monday.
