CFA Society Singapore
SINGAPORE (Mar 19): Kori Construction, the wholly-owned subsidiary of Catalist-listed construction firm Kori Holdings, has secured two contracts worth a total of $16.6 million.
The first contract, awarded by Koh Brothers Building & Civil Engineering Contractor, is related to the construction of cut and cover tunnels at the Marina Bay area for Circle Line 6.
Kori Construction will be involved in the supply, installation and dismantling of an ERSS system, which comprises strut, waler, utility support and traffic decking at the project.
The second contract, awarded by Nishimatsu Construction Co., is for the supply of tunnelling crew for the construction of sewer tunnels for the Deep Tunnel Sewerage System Phase 2 Project.
Both projects are due to start in 2Q19, and are scheduled to be completed in 36 months.
Kori Holdings says the contracts are expected to have a positive impact on the earnings per share and net tangible assets per share of the group for the financial year ending Dec 31, 2019.
Shares in Kori last closed at 33 cents on Feb 12.