Oxley terminates main contract for construction of Devonshire Residences
OXLEY Holdings Limited has terminated the main contract for the construction of its project, Devonshire Residences, with effect from Jan 6, "without prejudice to its other rights or remedies", it said on Wednesday.
"The main contractor, Admin Construction Pte Ltd, had been placed under creditors' voluntary winding up with effect from Jan 5," the group added.
The group has appointed another contractor to complete the construction of the project. This contract termination is not expected to have a material impact on the earnings per share or net tangible assets per share of the company for the current financial year ending June 30, 2015.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama