PIE work site collapse: OKP shares tumble after trading resumes on Monday

The collapsed structure at the Upper Changi Road East viaduct project site.
The collapsed structure at the Upper Changi Road East viaduct project site.ST PHOTO: ARIFFIN JAMAR

SINGAPORE - Shares of OKP Holdings - the construction firm involved in last week's collapse of the uncompleted PIE viaduct - fell when trading in the stock resumed on Monday (July 17).

After sinking nearly 14 per cent after the opening bell, the shares were trading down 4.5 Singapore cents or 11.4 per cent to 35 cents at 9.25am.

The counter later pared its loss, trading 6.3 per cent lower at 37 cents at 1.45pm.

The mainboard-listed company had called for a trading halt on Friday morning less than six hours after the collapse of a structure at its subsidiary's Upper Changi Road East viaduct project site, killing one worker and injuring 10 others.

The accident was the latest involving the firm's wholly owned subsidiary, Or Kim Peow Contractors, which was found guilty of a 2015 safety breach, just three days before the PIE structure collapsed, in which one worker died, while three others were injured.

Before that incident, MOM had also hit the firm with 25 demerit points and blacklisted it from January to April this year, when it was barred from employing foreign workers.

The company had won the S$94.6 million tender in November 2015 to construct a one-way, two-lane viaduct from the Tampines Expressway to the Pan-Island Expressway and Upper Changi Road East. Together with project consultants CPG Consultants, OKP was expected to complete the viaduct and the surrounding road works in early 2020.