OKP Holdings Limited

Singapore · Civil engineering & road maintenance

SGX: 5CF · Information cut-off 13 August 2026

Evidence tags used below — hover any tag for its definition. R reported, read from a primary filing · D derived, computed here from filed inputs with the computation shown · E external, a third-party source · O the author’s judgement, labelled as such. Untagged figures in the tables are as filed.

What OKP does

OKP Holdings was founded in 1966 by Mr Or Kim Peow as a sole proprietorship taking small road-maintenance contracts from the Public Works Department, and listed on the Singapore Exchange in 2002. It declared a special interim dividend in August 2026 to mark its sixtieth anniversary. The group reports three segments.

Source: FY2025 results announcement, 24 February 2026, review of performance, pp.37–38. Percentages are the issuer’s own.

Construction covers urban and arterial roads, expressways, vehicular bridges, flyovers, commuter infrastructure, airport infrastructure and oil-and-gas-related infrastructure. Maintenance is re-construction work on roads, road reserves, pavements, footpaths, kerbs, guardrails, railings, drains, signboards, bus bays and shelters, held under multi-year term contracts. Rental income comes from a small investment-property portfolio whose largest asset, an office building at 6–8 Bennett Street in East Perth, Western Australia, was vacant through the first half of 2026.

The auditor records that construction and maintenance together were 98.5% of FY2025 revenue. Read that as an activity share and not a customer-sector share: it is the combined construction and maintenance segment, not a public-sector proportion. On customers, the Land Transport Authority is named as the awarding authority in every major award announced since 2024, along with JTC Corporation — but AR2025 also names Changi Airport Group, ExxonMobil, Foster Wheeler Asia Pacific and WorleyParsons as private-sector clients, and no filing sizes either side. Work is won by competitive tender and delivered by a workforce of about 1,003 people using OKP’s own plant, with specialist trades subcontracted.

OKP does not publish a revenue-by-customer split. It does, however, publish a measured counterparty concentration, in the financial risk management note, and it is more extreme than the award announcements alone would suggest.

Source: AR2023, AR2024 and AR2025, financial risk management note, “Concentration on credit risk”. The wording is the issuer’s: at 31 December 2023 the group’s trade receivables comprised “1 debtor (2022: 2 debtors) that individually represented 97% (2022: 47% - 52%) of trade receivables”.

The margin question

This is the fact that makes OKP unusual, and the fact its own filings do not explain.

Revenue rose from S$81.4m in FY2019 to S$223.5m in FY2025, a factor of 2.75. The margin did something different. Group gross margin was 13.3% in FY2019 and 9.2% in FY2022, a year in which the group made a loss. It was 15.4% in FY2023. Then it was 32.0% in FY2024 — a doubling in a single year — 32.4% in FY2025 and 37.6% in the first half of 2026. For context, the closest Hock Lian Seng Holdings Limited (SGX: J2T), a Singapore civil-engineering contractor whose stated major customers are also Singapore government and government-related bodies, reported revenue of S$186.259m and gross profit of S$15.251m for the year to 31 December 2025 — a gross margin of 8.19% (E/D) on those two figures — in its unaudited condensed interim financial statements released to SGX on 25 February 2026. The two companies do not disclose their cost-of-sales composition on a comparable basis, and Hock Lian Seng also reports a property development segment, so this is a contrast between two reported figures rather than a like-for-like margin comparison.

First, what cost of sales contains. A high gross margin can mean a narrow cost-of-sales definition, with costs pushed below the line, so the composition matters. AR2025 note 26 shows that cost of sales contains wages and salaries of S$36.2m, employer CPF of S$6.2m and depreciation of property, plant and equipment of S$5.9m, alongside materials, subcontractors and worksite expenses. Administrative expenses were only S$20.6m, or 9.2% of revenue. The net margin — after everything — was 19.5% in FY2025 and 24.0% in the first half of 2026.

Second: what mechanically changed. Between FY2023 and FY2024 revenue rose S$21.4m, or 13.3%, while cost of sales fell S$12.1m, or 8.9%. The expenses-by-nature note shows where.

Purchases of materials fell from S$27.9m to S$19.8m and subcontractor costs from S$51.2m to S$41.8m — S$17.6m less bought in — while employee compensation rose from S$48.1m to S$52.4m and depreciation of plant rose from S$5.1m to S$6.1m. That is the signature of work moving in house. The issuer says as much of the half year to June 2026: the fall in cost of sales was “primarily due to a lower reliance on subcontractors as more work was undertaken in-house by our Group”.

Third: the explanation is incomplete. In FY2025 subcontractor costs rose 43.6% to S$59.9m — well ahead of the 22.9% revenue increase — and the margin still held at 32.4%. Whatever carried the margin in FY2025, it was not a further shift to self-performed work. The issuer’s own account is two sentences. AR2024 attributes the doubling to “ongoing initiatives to enhance efficiencies, productivity and cost management”. AR2025 attributes a further construction-segment improvement to “higher contributions from several projects which had commanded better gross profit margins”. Neither is quantified, neither names a project, and no reconciling table is provided.

Fourth, how revenue is recognised. The auditor’s key audit matter records that OKP recognises construction and maintenance revenue over time using the output method — “the percentage of the survey of work certified by the customers”. Under that method the margin reported in any period is the gap between what the customer has certified and what the contractor has spent in that period. It moves with where each project sits in its certification-versus-cost cycle. Whole-life contract margin is never disclosed.

The issuer confirms this mechanism explicitly, in both directions, for its maintenance segment. Maintenance gross margin fell from 30.7% in FY2024 to 17.3% in FY2025 “mainly due to projects progressing into more active phases, where a higher proportion of costs were incurred as compared to the initial stages”. It then rose from 9.5% in 1H2025 to 24.7% in 1H2026 because of “improved project execution and the progression of projects into stages with higher profit recognition”. Segment margins have swung by 10 to 20 percentage points year on year. The construction segment ran at 43.4% in the first half of 2026.

What management has said about it. The filings themselves give only the two unquantified sentences above, but the question was put directly to the board at the annual general meeting on 28 April 2026 and the answers are in the published minutes. Asked what the gross margin would be over the next three to five years, Mr Or Toh Wat answered that the industry “was affected by the COVID-19 pandemic which had resulted in cost overruns due to increases in wages and material prices, and a reduction in margins”, and that “with the improvement in industry outlook and increased demand, margins have improved”. He added that the group would focus on projects such as cycling paths and covered walkways “to enjoy better margins”, that it is “confident with the profit margins for the projects which have been secured”, and that future tenders “will depend on the market demand and competition”. Mr Daniel Or then added, in full: “The management is not able to predict the future margins and the Group may not be able to sustain gross profit margins of 30%. However, the management is confident with the Group’s existing order book.”

Asked separately why the maintenance margin was higher in FY2024 than FY2025, Mr Or Toh Wat answered that it was “due to the completion of some high margin road maintenance projects in FY2024”.

Cash conversion

Reported profit and cash received are separate facts and the filings give both. Under the output method, revenue recognised ahead of billing accumulates in contract assets, so the movement in contract assets sits alongside operating cash flow below.

Source: AR2025 five-year financial highlights p.39; AR2025 note 6(b) for contract assets; consolidated statement of cash flows.

Operating cash flow over FY2023 to FY2025 totalled S$177.0m against cumulative profit attributable to shareholders of S$122.6m over the same three years, a ratio of 144% (D). Cash rose from S$26.0m at the end of FY2022 to S$187.0m at 30 June 2026, an increase of S$161.0m, while S$27.0m of dividends were paid. Contract assets over the matching window rose from S$24.0m at the end of FY2022 to S$31.9m at 30 June 2026, having peaked at S$39.0m at FY2025. FY2025 operating cash flow before working-capital movements was S$62.3m against reported EBITDA of S$59.4m, a 4.8% difference itemised in the non-cash add-backs in the cash flow statement.

Two limits on what this series shows. It covers profit already reported and says nothing about whether the margin level persists once the current book of work is delivered. And cash can also arrive as customer advances rather than as profit: contract liabilities, which are advances received for preliminary works, were S$18.0m at FY2024, S$10.1m at FY2025 and S$2.9m at 30 June 2026, so on this series advances were falling, not funding the cash build. Both figures are in the table above and in AR2025 note 6(b).

The as-filed record

One number on this page needs separating out before any history is read. FY2023 looks like the year OKP became profitable. It was not.

The FY2023 accounts record an arbitral award of S$43,792,693 in other gains before tax, relating to the Contract 449A worksite incident. Profit attributable to shareholders was S$44,619,484 after tax and non-controlling interests. The award was material, but the two amounts cannot be treated as a direct decomposition of shareholder profit. Tax, related expenses and attribution must be reconciled before calculating an adjusted PATMI; this page does not make that adjustment. Growth comparisons using FY2023 therefore need to account for the legal gain’s different earnings basis. Source: FY2023 annual report, pp116 and 169.

Sources: AR2022 p.116 (FY2021–FY2022); AR2024 p.44 (FY2023); FY2025 results announcement p.3 (FY2024–FY2025); 1H2026 results announcement p.2. Margins are the issuer’s own where printed and otherwise gross profit divided by revenue.

Two mechanical notes on this table. Administrative expenses include a directors’ profit-sharing accrual that moves with reported profit: AR2023 attributes an S$8.4m rise in administrative expenses to “an increase of S$8.4 million in directors’ remuneration (including profit sharing) accrued, reflecting the higher profit generated by the Group”. And inter-segment revenue eliminated in the segment note moved from S$21.2m in FY2024 to S$4.2m in FY2025, so construction segment growth reads differently on a gross and a net basis; the figures above and in the segment table are external revenue.

The order book

OKP discloses, in an accounting note rather than only in a press release, the transaction price allocated to contracts that are partially or fully unsatisfied, split by the year in which it expects to recognise it. That is a contractual schedule, not a management forecast of demand, and it is the most useful forward-looking figure the company publishes.

Source: AR2025 five-year financial highlights p.39; 1H2026 results announcement p.37. “n.d.” = not disclosed at that date.

The order book reconciles against the awards. Opening at S$588.0m, adding the S$87.3m Jurong Region Line award of 9 March 2026 and the S$165.3m commuter-infrastructure award of 28 May 2026, and deducting roughly S$112.6m of construction and maintenance revenue recognised in the half, gives S$728.0m against the S$727.3m reported — a difference of S$0.7m. Three further data points matter: a S$90.6m Land Transport Authority award for the Dawson Road network was announced on 13 August 2026, after the balance-sheet date, and that announcement states the group’s “current net construction order book reaches S$797.9 million”. That is the issuer’s own figure and it is used here. It is not the S$727.3m at 30 June plus S$90.6m, which would give S$817.9m; the issuer does not reconcile the difference, and this page does not manufacture a reconciliation. The label “net construction order book” appears (O) to be the issuer’s term for the total book rather than for the construction segment alone: the 12 November 2025 announcement uses the same phrase for S$615.9m at that date, against a construction-only backlog of S$442.3m at 31 December 2025; a record S$258.3m single award was announced in May 2025; and a S$22.6m JTC award in November 2025.

Delivery against the schedule can be measured. Revenue actually recognised against the amount scheduled the previous December was 95.3% for FY2023, 81.1% for FY2024 and 75.5% for FY2025 (D) — a falling conversion rate. The maintenance backlog rose from S$49.0m at FY2021 to S$145.7m at FY2025, so a lengthening book is one reading; the filings do not separate that from execution pace, and both can hold at once.

The share price, and what was filed

Over the window OKP Holdings returned +544.1% on a dividend-adjusted basis; the Straits Times Index returned +78.0% and the median of the 3 listed comparisons +208.6%.

The detector flagged 29 large moves in the window — 23 single sessions and 6 weekly windows — before any news was read. 2 sector moves; 27 are left over after both controls, unexplained by them. Of those, 5 followed a filing by timestamp, 4 coincided with one in the same session or week and 18 have nothing filed against them beyond routine notices and are recorded as unexplained rather than explained away.

The stock is up roughly five and a half times over the window, and almost all of that came in 2025. It is also below its February 2026 peak of 86.5 cents, having reached that level before the FY2025 results and the bonus issue, while first-half 2026 profit rose 43.9%. Both facts are in the series below; this page does not interpret them.

What this section can and cannot do. A control reading of “company-specific” means only that the index and the peer median do not account for the move; it is not evidence that any particular filing caused it. Where a filing precedes a move within three sessions the register says so and gives the release time, which establishes order, not cause. 27 of the 29 moves carry no adequate explanation from the tape and are recorded as unexplained rather than assigned a reason. Channels not examined: broker notes, block trades, substantial-shareholder timing, trade press and index reviews.

Balance sheet and debt

At 30 June 2026 OKP held cash of S$186.95m against bank borrowings of S$9.62m and lease liabilities of S$5.02m — total debt of S$14.64m and a net cash position of S$172.31m (D). Equity attributable to shareholders was S$239.9m. Net tangible assets attributable to shareholders were S$238.1m, computed here as that equity less S$1.8m of intangible assets; the issuer’s own net tangible assets line on the same statement reads S$254.1m because it is struck on total equity, which includes the S$16.0m of non-controlling interests in the property subsidiary. Interest cover, on the issuer’s own definition of EBITDA divided by finance expense, was 32.3 times in FY2025.

Two structural points sit behind those numbers, and both are visible only in the notes.

All of the group’s bank debt sits in the property arm, not the contracting business. Bank loans are secured by a first legal mortgage over the group’s investment properties, certain bank deposits, a charge over the shares of a subsidiary and corporate guarantees of the listed company. The construction and maintenance business — 98.5% of revenue — carries essentially no bank borrowing of its own.

The one financial covenant OKP discloses was breached at 31 December 2025. AR2025 note 19(c) states that a bank borrowing of Raffles Prestige Capital Pte. Ltd., a 51%-owned subsidiary, with a carrying amount of S$11,664,720, requires a debt service coverage ratio — net property income divided by that borrowing’s principal and interest payments for the year — of at least 1.2, to be complied with at all times. “As at 31 December 2025, the DSCR was below the required level”, and the loan was reclassified to current liabilities. The banker granted a waiver on 23 February 2026 subject to certain conditions, and the subsidiary intended to make a partial early settlement from the proceeds of the Kampong Bahru property disposal, which completed on 6 March 2026, scheduled for April 2026. Group bank borrowings fell from S$20.94m at 31 December 2025 to S$9.62m at 30 June 2026, which is consistent with that repayment having happened (D); no announcement confirms it and the waiver conditions are not disclosed.

The covenant is a property-level test. Its cause is visible in the rental segment: revenue fell 43.7% in FY2025 and a further 40.9% in the first half of 2026, because the Perth building lost its tenants and is under phased asset-enhancement works expected to run through 2027. Its carrying value fell from S$42.6m at FY2021 to S$32.2m at FY2025. AR2025 records a fair-value loss of S$1.2m on that property in FY2025.

What the company does with the cash

Source: AR2025 five-year financial highlights p.39. Per-share figures for FY2021–FY2024 are as printed in that table and are not restated for the February 2026 bonus issue; the FY2025 figure is on the post-bonus share count. Payout percentages are computed here as total dividend divided by PATMI; FY2022 is not meaningful against a loss.

The cash has been retained rather than distributed: dividends absorbed roughly a quarter of attributable profit in FY2024 and FY2025, and capital expenditure has run at S$4m to S$9m a year against revenue that reached S$223m. In February 2026 OKP issued 231,322,862 bonus shares on a three-for-four basis, taking issued shares from 308,430,594 to 539,753,456 and shares excluding treasury from 306,961,494 to 537,182,531. A bonus issue distributes no cash; it divides the same equity into more units.

Beyond the core business the group has made small, mixed capital commitments: a 25%-held development property, Phoenix Residences, reached temporary occupation permit in January 2025; a joint venture company was incorporated in July 2026; and the Kampong Bahru shophouses were sold, completing in March 2026.

The property associate is worth setting out precisely, because it is a single entity and a single sequence rather than the several events the announcement titles suggest. Chong Kuo Development Pte. Ltd. developed The Essence, an 84-unit condominium along Chong Kuo Road, completed in 2023. Having completed it, the announcement of 3 September 2025 records that Chong Kuo “currently has no other operations and does not own or operate any active business”, and that a bonus issue and capital reduction were undertaken to return surplus capital to shareholders “in anticipation of a proposed liquidation”. The announcement of 30 December 2025 records that the same company was then placed into members’ voluntary liquidation. OKP states the liquidation is not expected to have any material impact on net tangible assets or earnings per share.

OKP holds a second associate, and that is the one carrying the impaired loan. AR2025 note 10 lists two: Chong Kuo Development Pte Ltd, 22.5%, property development — the company described above — and USB Holdings Pte Ltd, 25%, investment holding and property development, which in turn holds United Singapore Builders Pte Ltd and USB (Phoenix) Pte Ltd.

The loan is to USB Holdings, and it is written down further than a single line suggests. AR2025 note 12 shows a gross loan of S$11,912,499, reduced by a notional fair-value adjustment of S$3,795,436 and an impairment loss of S$4,700,000, to a carrying amount of S$3,417,063. That is 71.3% (D) of the gross claim not carried, computed as one less 3,417,063 divided by 11,912,499. The impairment alone is 39.5% of the gross loan and is one of the auditor’s key audit matters; the fair-value adjustment sits on the two lines immediately above it in the same note, and reading only the impairment understates the write-down. The loan is unsecured, interest-free and “not expected to be repaid within the next 12 months”.

Note 12 does not name the borrower. The attribution to USB Holdings (D) comes from the operating and financial review, which explains the S$0.3m rise in other receivables as amortisation of the notional fair-value adjustment on “the loan extended to USB Holdings Pte Ltd”, and the arithmetic ties: the notional fair-value adjustment fell S$341,813 and the carrying amount rose by the same S$341,813. AR2023 describes the impaired counterparty as “an under-performing associated company”.

Ownership and governance

OKP is a family-controlled company. The founding Or family holds its interest principally through a holding vehicle and members of the family sit on the board and in senior management; the substantial-shareholder and directors’ interest tables in AR2025 carry the detail as at 6 March 2026. Two features matter for reading the accounts.

Directors’ remuneration includes profit sharing. AR2023 attributes an S$8.4m single-year increase in administrative expenses to directors’ remuneration including profit sharing accrued, “reflecting the higher profit generated by the Group”. That makes part of the cost base move with reported profit — which cushions a downturn, and also means the people who determine the accounting judgements that set reported profit are paid on it. Both observations follow from the disclosure; neither is an allegation.

The board changed materially in 2024. An independent director died in February 2024, a lead independent director and another independent director retired in April 2024, and new independent directors were appointed in March and April 2024 with board committees reconstituted twice. The dates are on the announcement tape.

OKP answers written shareholder and SIAS questions before each annual general meeting and publishes the replies, and it publishes AGM minutes. Those replies are where several of the figures this page records as undisclosed were asked for and answered qualitatively rather than numerically.

Safety record, and why it matters here

For a contractor whose revenue depends on continued access to public tenders, safety standing is not a corporate-responsibility topic. It is the licence to operate.

OKP’s own record contains two fatal accidents. In September 2015 a worker died at the Yio Chu Kang flyover; the Ministry of Manpower announced in July 2017 that the company and a site supervisor were fined. That incident and its prosecution are not in OKP’s own filings — the source is the Ministry’s published press release of 11 July 2017, and it is recorded here as a third-party source rather than an issuer disclosure. On 14 July 2017 part of a viaduct under construction collapsed near Upper Changi Road East. AR2017’s auditor key audit matter on Contract ER449A records that “part of the viaduct structure near Upper Changi Road East collapsed. As a result, the project has been suspended”, and the same annual report’s sustainability table records one fatal accident for FY2017 against zero for FY2016. That dispute was eventually resolved in OKP’s favour: the S$43.8m arbitral award recognised in FY2023 relates to the same Contract 449A worksite incident.

Since then, agencies have continued to award OKP work at scale — a record S$258.3m contract in May 2025 and S$343.2m across three awards in 2026 to the information cutoff. No debarment, stop-work order, demerit accumulation or prosecution disclosure appears anywhere in the FY2022 to FY2025 annual reports, and none was found in the announcement tape.

What the current safety record looks like on the issuer’s own numbers. OKP publishes its health and safety statistics in a Sustainability Report issued separately from the annual report. The FY2025 report gives, for both FY2025 and FY2024, zero fatalities, zero high-consequence injuries, zero recordable injuries, zero recordable work-related ill health, an Accident Frequency Rate of 0.0 and an Accident Severity Rate of 0.0 — AFR being incidents per million man-hours worked and ASR man-days lost per million hours. The statistics are stated to cover both employees and non-employees of the group. The report also records that the Workplace Safety and Health Council has certified the wholly-owned subsidiary Or Kim Peow Contractors (Private) Limited as bizSAFE Partner to 26 January 2028 and bizSAFE Level Star to 25 August 2028, and that since 2014 the group has appointed only contractors and vendors at bizSAFE Level 4 and above.

Download

A print-ready PDF of this page, for reading away from the screen: OKP Holdings evidence library (PDF). It carries the same content as this page — what OKP does, the margin question, cash conversion, the as-filed record, the order book, the share price, the balance sheet and debt, capital allocation, ownership and governance, the safety record and open questions — and the same omissions: no rating, no fair value, no forecast.

Sources and corrections

Where the primary sources are filed. SGX issuer page for 5CF - announcements, financial statements and annual reports · OKP Holdings investor relations site - the announcement archive back to 2002 · OKP annual reports, FY2002 to FY2025, and the 2002 IPO prospectus · Building and Construction Authority - Singapore construction demand statistics. Exchange portals re-file and purge documents over time; the text above cites each document by name and date so it can be found again. Tables on this page as data: JSON · CSV — the page’s own as-filed and recomputed tables, cell for cell, with their section and caption.

This page was built from 40 distinct primary documents: 39 retrieved from the issuer’s investor relations site and one from a peer’s. The source manifest carries 43 rows, because three of the issuer’s filings are served at two URLs each and are byte-identical — two results filings, and the 27 January 2026 announcement described below. They are the annual reports for FY2017 to FY2025, the Sustainability Report 2025, the FY2024, FY2025, 1H2024, 1H2025 and 1H2026 results announcements and press releases, every contract-award announcement from 2024 to August 2026, the bonus-issue documents, the property-disposal announcements, the associate capital reduction and liquidation announcements, the 2026 annual general meeting minutes, the shareholder and SIAS question-and-answer replies, and, for the single peer comparison this page makes, Hock Lian Seng Holdings Limited’s own unaudited condensed interim financial statements for the year to 31 December 2025, filed to SGX on 25 February 2026. Every document was opened, its page count recomputed and its text layer verified. The announcement tape was enumerated in full for 2023 to 2026 — 94 announcements — with release times taken from the exchange attachment timestamps.

A correction made during this build, recorded because it would otherwise be invisible. The exchange tape carries an announcement dated 27 January 2026 titled “Withdraw — The Proposed Bonus Issue…”, which reads as though the bonus issue was pulled. It was not. That file is byte-identical to the announcement of 21 January 2026 (sha256 8ce3616e0edfa30d0e27…) and its text is a Notice of Record Date. The bonus issue was approved at the extraordinary general meeting on 21 January 2026 and 231,322,862 shares were issued on 12 February 2026. The title refers to the administrative withdrawal and re-filing of an earlier announcement, not to the transaction.

Corrections made on 27 August 2026, after first publication. This page went up earlier the same day and was corrected within hours, following a further review pass. The changes, so the record is visible rather than silent:

• An earlier version counted 41 distinct source documents. It is 40: the count treated the 27 January 2026 file as a separate document, while the paragraph above already identifies it as byte-identical to the announcement of 21 January.
• An earlier version said gross margin had been above 30% for five consecutive half-year periods. It is four: 1H2024 gross margin was 28.2%, as printed in that half-year announcement.
• An earlier version said the issuer had not explained the margin step beyond two generic sentences in the annual reports. That is true of the annual reports and was incomplete as a statement about the company: the question was put to the board at the April 2026 annual general meeting and answered at length, and those answers — including management’s own statement that it “may not be able to sustain gross profit margins of 30%” — are now quoted in full above. They cut in both directions and both directions are now on the page.
• An earlier version suggested the issuer’s S$797.9m “net construction order book” might be a construction-only measure. The same phrase is used for S$615.9m in the November 2025 announcement, against a construction-only backlog of S$442.3m, so it appears to be the total. The page now says so.
• A second review pass found three further defects, two of them in the first correction itself. The impaired S$11.9m associate loan was attributed to Chong Kuo Development; it is to USB Holdings Pte Ltd, a separate 25%-held associate, and the page now says so and shows the arithmetic that establishes it. The status line described the 1H2026 figures as “reviewed but not audited”; the filing says they “have not been audited or reviewed”, and the page now quotes that. And the vault-contents wording promised “the rating” when the pack carries none — the independent review requirement is unmet — so it now says private valuation and states that no rating has been issued.
• Smaller: revenue rose 2.75x since FY2019, not “tripled”; the BCA S$47-53bn figure is total construction demand across public and private sectors, not a public infrastructure budget, and the lead diagram is relabelled; the document count is 41 distinct, not 43; and the 2015 fatality and its prosecution are now marked as sourced from the Ministry of Manpower rather than from OKP’s filings.
• Net tangible assets are now given with the definition attached, because the figure computed on equity attributable to shareholders (S$238.1m) differs from the issuer’s own line (S$254.1m), which is struck on total equity including non-controlling interests.

Corrections to anything on this page are welcome and will be published with their date. Write to the contact page.

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