Therefore, this has significantly affected the group’s revenue.
It added that it is still in the process of finalising its 1H20 financial results and further details will be released during the results announcement.
The company also advised shareholders of the company and potential investors to “exercise caution” when dealing in its shares, and should consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take.
As at Mar 31, Tiong Seng’s orderbook stood at $1.2 billion extending to 2023.
To make matters worse, Tiong Seng has other issues of its own to tackle. The company’s former CEO and executive director Pek Lian Guan, along with former director of Tiong Seng Contractors Pay Teow Heng were both charged in court on July 24 on corruption allegations.
Pek and Pay were each charged on two counts of bribery in the form of loans to former Land Transport Authority (LTA) deputy director Henry Foo Yung Thye to advance the business interests of Tiong Seng Contractors. The duo are currently out on bail and have denied allegations.
In the meantime, Pay Sim Tee, who was an executive director at the company as well as Tiong Seng Contractors, was appointed as CEO and managing director of Tiong Seng Contractors with effect from August 1.
See: Tiong Seng executives charged in court, denies bribery allegations
Shares in Tiong Seng closed flat at 16 cents on August 7.
