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Amplefield wins S$24.8m contract from related party

AMPLEFIELD Ltd, an investment holding company, on Monday said its indirect subsidiary has won a S$24.8 million building contract from a related party.

Its indirect subsidiary, City Builders Vietnam Company, has entered into a contract with Sing Viet City Ltd (SVC) to undertake construction work on a 63.8 hectare piece of land in Ho Chi Minh City, Vietnam.

The company said it has obtained from its shareholders a general mandate for interested person transactions over "certain future transactions" that the group may enter into with the interested persons.

SVC is a wholly owned subsidiary of Amanland, which in turn is approximately 97 per cent owned by Regionaland, a Singapore-incorporated company. The major shareholder of Regionaland is Yap Teiong Choon, who is also a controlling shareholder of Amplefield.

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The work scope under the contract will include soil investigation, preliminary works, site clearance, sand-filling and related earthworks.

The work is expected to commence this month and be completed by the end of September 2018.