Soilbuild to bolster procurement unit equity by S$8.5m

SOILBUILD Construction Group said after Thursday's trading close that it has bolstered the equity of a wholly-owned subsidiary by S$8.5 million.

Soilbuild said that it has subscribed another 8.5 million shares in SB Procurement Pte Ltd at an aggregate consideration of S$8.5 million.

This brings the group's total equity injection into SB Procurement to S$15 million.

The group said that the additional investment in SB Procurement is funded by internal resources.

The additional investment will allow SB Procurement to meet the minimum paid-up share capital requirement of S$15 million for an A1 grading by the Building and Construction Authority of Singapore.

An A1 grading will enable the company to tender for public construction projects of unlimited contract sum, Soilbuild added.