OKP sees hit from lower construction demand
It will be prudent in share buybacks; plans to launch a second project, Phoenix Heights, in the second half of 2020, 'depending on prevailing market conditions'
Annabeth Leow
Singapore
CONSTRUCTION group OKP Holdings will "exercise prudence" when it comes to share buybacks, while warning that it expects to take a hit from an industry shutdown amid the novel coronavirus outbreak in Singapore.
The board confirmed, in a reply to investor queries on Saturday, that projects will be delayed on the back of Singapore's "circuit-breaker" measures, supply-chain disruptions to materials, and the spread of the deadly disease in foreign workers' quarters.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
