Koon Holdings ends joint venture with Penta-Ocean amid debt restructuring
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Vivienne Tay
Singapore
KOON Holdings on Monday said the joint venture (JV) between its unit Koon Construction & Transport (KCT) and Japanese firm Penta-Ocean Construction has been terminated.
The group said the move is in view of the group's ongoing restructuring exercise. Following the termination, Koon Holdings and KCT will no longer need to provide corporate guarantees in respect of the JV - significantly reducing their contingent liabilities and obligations.
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