Debt-hit Ryobi Kiso's joint venture lands more work on ongoing project

SINGAPORE - Ryobi Kiso Holdings said on Thursday (Jan 24) that its construction joint venture has been awarded additional work on an existing project tender, in an update to its court-supervised reorganisation process.

Its Ryobi Kiso (S) unit had previously tied up with Sunley E&C (Singapore) in October 2018 to tender successfully for bored piling works at a planned public housing development.

The latest award contributes to the $19.2 milion lift in the embattled ground engineering group's order book since October last year .

Subsidiaries Ryobi Kiso (S), Star Piling and Ryobi Machinery are in a court-supervised liabilities reorganisation process after the group was hit by letters of demand from creditors.

The group won a six-month moratorium on Aug 27, 2018, that saved it from legal proceedings and enforcement, although it was ordered to keep up with servicing its debt obligations to secured lenders.

Ryobi Kiso chief executive Ong Tiong Siew said in a statement on Thursday: "It is heartening to see the company and our joint venture partner Sunley E&C (Singapore) cooperate and expand on the joint venture platform to compete meaningfully in the ground engineering market in Singapore... We are confident that the platform will continue to expand and do well to serve our clients."