Ley Choon secures $9.5m deal from Public Utilities Board

It is for watermain repairs and other contract works.

It is good news for Singapore-listed construction firm Ley Choon as it secured new contracts from Public Utilities Board (PUB) for water main repairs.

To recall, Ley Choon has been on the rocks lately, as it has to let go its Ley Choon Development subsidiary as part of a debt restructuring with its lenders.

The $9.5 million contract was awarded to its subsidiary Chin Kuan Engineering and Contractors Pte Ltd for water main repairs and other contract work for network services in the east division of PUB for the year 2016 to 2019.

Ley Choon said none of its controlling shareholders has any interest in the said contract.

In 1Q16, the group reversed the quarters of losses with a net profit of $629,000. Meanwhile, its aggregate borrowings and debt securities payable within one year or on demand was $106.5 million as of June 30.