Tiong Seng unit bags S$190m contract

MAINBOARD-LISTED Tiong Seng Holdings' wholly-owned subsidiary has been awarded a contract worth about S$190 million, the construction firm announced on Thursday after market close.

TiongSeng Contractors (Private) Limited was awarded the contract by Areca Investment for a proposed residential development in Outram comprising 774 units with four levels of basement carparks, swimming pool and communal facilities.

Site possession is expected in May 2019. Tiong Seng said the contract is not expected to have any material impact on its net tangible assets and earnings per share for the current financial year ending Dec 31, 2019. None of the company's directors nor controlling shareholders has any interest, direct or indirect, in the contract.

Tiong Seng shares closed unchanged at 24 Singapore cents on Thursday before the announcement.