The contract was awarded by SB (Yung Ho) Investment, a wholly-owned subsidiary of Soilbuild Group Holdings, whose sole shareholder is Soilbuild Construction’s executive chairman, Lim Chap Huat.
Lim Cheng Hwa, Soilbuild Construction’s non-executive director, is also a director of Soilbuild Group Holdings.
As such, the project constitutes an interested person transaction.
Soilbuild Construction says the new contract is not expected to have a material impact on its consolidated net tangible assets per share and consolidated earnings per share for the current financial year ending Dec 31, 2019.
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As at 2.44pm on Tuesday, shares in Soilbuild Construction are trading flat at 5.8 cents.
