Kori Holdings Company Bags New Infrastructure Projects Worth S$ 52.3 million

SINGAPORE, June 28, 2021 – Catalist-listed Kori Holdings Limited has announced that its wholly-owned subsidiary, Kori Construction (S) Pte. Ltd., has been awarded two contracts in two projects amounting to an aggregate of S$52.3 million between May 2021 to June 2021.

The Projects are awarded by:-

(i) Samsung C&T Corporation for the supply and installation of temporary steel works at Contract N106 Design and Construction of North-South Corridor (Tunnel) between Novena Rise and Toa Payoh Rise (“N106 Project”); and

(ii) Hwa Seng-Chye Joo-Ho Lee Joint Venture for the supply, install, dismantle and buy back of steel struts and walers (Zone A to Zone F) at Contract N109 Design and Construction of North-South Corridor (Tunnel) between Pemimpin Place and Sin Ming Avenue (“N109 Project”).

Mr Hooi Yu Koh, Executive Chairman and CEO of Kori Holdings Limited, said: “We are pleased to have been awarded these contracts for the North-South Corridor. This not only affirms our long-standing proven track record established over the years, but also signifies the trust and confidence that our customers and partners have in us”.

The value of these two contracts, in addition to the six which were awarded to Kori between September 2020 and January 2021, amounts to S$133.5 million.

Kori is a Singapore-based multi-discipline engineering and construction services company. It is principally engaged in providing civil/structural engineering and infrastructural construction services as a sub-contractor for commercial, industrial and public infrastructural construction projects. Its customers include local and overseas developers in the engineering construction industry.

The contract with the largest value, N106 Project, was accepted by the Company today and is scheduled to be completed in 60 months from its commencement in the third quarter of 2021.

The Projects are expected to have a positive impact on the Group’s earnings per share and/or net tangible assets per share of the Group for the financial year ending 31 December 2021.