A wholly owned subsidiary of OKP Holdings, a mainboard-listed infrastructure and civil engineering company, has been awarded two contracts worth $54.7 million by the Land Transport Authority for road resurfacing works along seven major expressways, among others.
Some of the work to be done by OKP unit Eng Lam Contractors will be on the Pan-Island, Ayer Rajah, East Coast Parkway, Seletar, Bukit Timah, Central and Kallang-Paya Lebar expressways.The contracts started on June 6 and are expected to be completed in mid-2018.
The firm has won contracts worth $64.5 million so far this year and boosted the net construction order book to $376.8 million, with contracts extending to 2019.
A review by the new management at the mainboard-listed steel trading and manufacturing firm has found some apparent irregularities. They concern certain matters and transactions entered into by the company during the tenure of former senior employees - former chief executive Lee Wan Sing and former group financial controller Lee Ong.
The company said the financial impact of allegedly unauthorised guarantees made by Oriental non-executive chairman Wu Dingrong and his son-in-law, Mr Sun Lu, cannot be accurately ascertained yet.
It is also in the process of obtaining evidence to ascertain details of other allegedly unauthorised transactions.
A wholly owned subsidiary of offshore and marine player Pacific Radiance has issued two notices of arbitration over the termination of shipbuilding contracts. Pacific Crest issued the notices yesterday for arbitration in Hong Kong against two shipyards, Shanghai Waigaoqiao Shipbuilding & Offshore Co and China Shipbuilding Trading (Shanghai) Co, arising from contracts to build two platform supply vessels.
The shipyards had failed to deliver the vessels in accordance with the contracts, which were both signed on May 8, it said.
Pacific Crest is claiming the refund of the pre-delivery instalments paid to the shipyards, totalling US$10.632 million (S$14.4 million) plus interest. The arbitration is not expected to have any material impact on the company's net tangible assets and earnings per share for the financial year to Dec 31.