Home News Contracts

Keong Hong, Hyundai win joint tender for contract worth $306.6 mil to develop sports and recreation centre

Stanislaus Jude Chan
Stanislaus Jude Chan1/20/2020 05:43 PM GMT+08  • 1 min read
Keong Hong, Hyundai win joint tender for contract worth $306.6 mil to develop sports and recreation centre
Keong Hong Construction and the Singapore unit of Hyundai Engineering & Construction Co will jointly develop a sports and recreation centre for the Singapore Sports Council.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.