Ryobi Kiso JV gets letter of intent for public housing project

A JOINT venture involving Ryobi Kiso Holdings has won a deal for a planned public housing project, the board said on Friday, in an update to its court-supervised reorganisation process.

It said that the tie-up with Sunley E&C (Singapore) has been awarded a letter of intent for bored piling works, after submitting a tender together.

The contract lifts Ryobi Kiso's order book to S$17.2 million, said chief executive officer and executive director Ong Tiong Siew in an announcement on the Singapore Exchange website.

"We hope that the joint venture platform would allow us to win new projects in order for us to continue serving our clients," Mr Ong added.

The company had earlier said that the joint venture was among "significant positive developments" in its reorganisation efforts and also said at the time that it was working on rebuilding its project pipeline.