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TEE International warns of 'adverse impact on profitability' even as subsidiary clinches $72 mil letter of award

Uma Devi
Uma Devi4/20/2020 07:57 PM GMT+08  • 2 min read
TEE International warns of 'adverse impact on profitability' even as subsidiary clinches $72 mil letter of award
The circuit breaker measures have resulted in the suspension of most of the construction works for the group’s ongoing projects, as well as the closure of its construction sites except for three essential ones.
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SINGAPORE (Apr 20): Mainboard-listed TEE International’s wholly-owned subsidiary Trans Equatorial Engineering has bagged a letter of award (LOA) worth $72 million for mechanical and engineering works for the proposed development of a sports and recreation centre in Punggol.

The LOA was awarded to the group by repeat client Hyundai-Keong Hong JV Limited Partnership, a joint venture between Hyundai Engineering and Construction (Singapore) and Keong Hong Construction, a wholly-owned subsidiary of Keong Hong Holdings.

The partnership between the duo was announced on Jan 21 when Singapore Sports Council awarded the construction contract worth $306.6 million to Hyundai.

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