Keong Hong Holdings

[vicom76]

Higher volume today. Next week will be interesting!

[ValueMushroom]

3cents dividend announced for full year result. : )

[ValueMushroom]

Keong Hong has been steadily moving up in the last few days. This is possibly due to its founder raising his stakes in Keong Hong. Yeah!

[Life is a game]

Finally this counter is moving. But happy collecting the dividends all these while.

Sent from my SM-N9005 using Tapatalk

[ValueMushroom]

Finally this counter is moving. But happy collecting the dividends all these while.

Sent from my SM-N9005 using Tapatalk

Me too collecting dividend.

[cyclone]

Allow Employment of Foreign Worder After 31 May 2020

Keong Hong Holdings Limited announced that Keong Hong Construction Pte Ltd ("KHC"), a wholly-owned subsidiary of the Company was fined $352,500 on 24 May 2018 for housing foreign workers in overcrowded living conditions at a Construction Temporary Quarters in March 2017. By a letter of 1 June 2018 from the Ministry of Manpower, KHC was informed it has been barred from recruiting new foreign workers from 1 June 2018 to 31 May 2020.

The Group has taken immediate corrective actions to prevent recurrence of infringements relating to workers’ accommodation. Weekly inspections are conducted by project managers on all workers’ accommodation to ensure good housekeeping are maintained.

[cyclone]

Allow Employment of Foreign Worder After 31 May 2020

Keong Hong Holdings Limited announced that Keong Hong Construction Pte Ltd ("KHC"), a wholly-owned subsidiary of the Company was fined $352,500 on 24 May 2018 for housing foreign workers in overcrowded living conditions at a Construction Temporary Quarters in March 2017. By a letter of 1 June 2018 from the Ministry of Manpower, KHC was informed it has been barred from recruiting new foreign workers from 1 June 2018 to 31 May 2020.

The Group has taken immediate corrective actions to prevent recurrence of infringements relating to workers’ accommodation. Weekly inspections are conducted by project managers on all workers’ accommodation to ensure good housekeeping are maintained.

Keong Hong Construction Pte Ltd ("KHC") has appealed to the Ministry of Manpower ("MOM") to lift the 2-year debarment imposed on KHC with regard to recruitment of new foreign workers. 

In a letter dated 11 June 2018, MOM has informed that the appeal was unsuccessful, however it will exercise leniency and reduce the debarment term to 6 months and KHC will be allowed to recruit new foreign workers after 24 November 2018.

The Group is grateful for MOM's consideration and is committed to improving workers welfare and workers accommodation.

[cyclone]

Award of Main Contract for the Proposed Residential Development at Mattar Road

Keong Hong Holdings Limited announced that K.H. Land Pte Ltd, a wholly-owned subsidiary of the Company has been awarded the main contract works for the proposed residential development at Matter Road by FSKH Development Pte Ltd for a contract sum of approximately S$53.8 million.

The Project is not expected to have any material impact on the net tangible assets per share and earnings per share of the Group for the financial year ending 30 September 2018.

[cyclone]

Proposed Acqusitions of Properties at 20 Chin Bee Drive and 21 Fourth Chin Bee Road

Keong Hong Holdings Limited announced that Keong Hong Construction Pte Ltd, its wholly-owned subsidiary has entered into an option to purchase with TCG Rengo (S) Limited (the "Vendor") to acquire the properties located at 20 Chin Bee Drive, Singapore 619866 and 21 Fourth Chin Bee Road Singapore 619706 comprised in Lots 1689K and 1432P of Mukim 6, as a single indivisible plot for a purchase consideration of S$10,750,000 exclusive of GST. The Vendor is independent and unrelated third party.

The Properties have a total site area of 239,253 square feet with dual frontage to Corporation Road and 4th Chin Bee Road. The lease of the Properties is until 30 June 2035.

[cyclone]

Award of S$306.62 Million Main Contract Workds for the Proposed Development of A Sport & Recreation Centre

Keong Hong Holdings Limited announced that Keong Hong Construction Pte. Ltd. ("KHC"), a wholly-owned subsidiary of the Company and Hyundai Engineering & Construction Co. Ltd. Singapore Branch, ("Hyundai") had submitted a joint tender to the Singapore Sports Council for the proposed development of a sport & recreation centre.

Hyundai being the principal partner of the Project, had received a Letter of Acceptance ("LOA") from the Singapore Sports Council for the award of a main contract for the Project for a contract sum of approximately S$306.62 million. Both KHC and Hyundai are currently working on the details of the joint venture agreement with the intention of transferring the main contract of the Project to the LP, which was recently set up as disclosed in the Announcement.

The Group will fund its share of the costs for the Project by internal resources and/or bank borrowings. The Project is not expected to have any material impact on the consolidated net tangible assets per share and consolidated earnings per share of the Group for the current financial year ending 30 September 2020.