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Sysma Holdings unit awarded S$5m deal to build two landed homes for deputy chief executive
A UNIT of Sysma Holdings has been awarded a S$5 million contract to build two landed houses in Medway Drive for a senior executive.
Sysma Construction will carry out the project for Sin Ee Wuen, who is deputy chief executive of Sysma, the group said in a filing to the Singapore Exchange on Tuesday.
Mr Sin is also the son of Sin Soon Teng, executive chairman and group chief executive, who holds a 66.02 per cent stake in the company.
Each unit is a two-storey envelope control detached dwelling house with an attic and a basement.
Sysma said its directors believe the group should not turn down the opportunity to execute a project without due consideration simply because Mr Sin Ee Wuen is an "interested person".
"Further, the contract will benefit the company in terms of its utilisation of its excess capacity, thereby contributing positively to the group's financial results, especially in view of the current general slowdown in the construction industry in Singapore," it said.
Sysma's directors will be convening an extraordinary general meeting to seek the approval of shareholders for the interested person transaction. A circular to shareholders containing further details will be despatched in due course, the firm said.