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Shares in Ley Choon surge 23.5% following news of contract wins

Felicia Tan
·1-min read

Ley Choon had announced contract wins on Sept 15 that pushed its order book to $207 million.

Shares in Ley Choon opened at 2.1 cents on Sept 15 after the Catalist-listed service provider for underground utilities infrastructure construction and road works announced its new contract wins.

Ley Choon, on the same day, said that it had secured new contracts for the supply, installation and replacement of underground utilities services.

The contracts, worth $67 million, pushed the group’s order book to $207 million. The contracts are slated to be delivered within 30 months.

The group adds that it will continue to tender for projects prudently and that it will continue to provide a reliable one-stop service to its clients.

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“With Covid-19 largely under control, the overdue upgrading works for Singapore’s underground utility system is picking up in pace,” says Toh Choo Huat, executive chairman and CEO of Ley Choon.

He adds that the Minister for National Development Desmond Lee noted, during the opening of the International Built Environment Week, that the Building and Construction Authority (BCA) is on track to achieve its projected construction demand for 2022 with construction activity returning close to pre-Covid levels and the manpower situation stabilised.

“As one of the leaders in the construction of underground infrastructures, our expertise and track record in completing projects smoothly have contributed to our success in securing these projects. We will continue to maintain and improve our capability, to stay as one of our clients’ top choices for the delivery of their future projects,” Toh continues.

As at 11.33am, shares in Ley Choon are trading 0.2 cent higher or 11.77% up at 1.9 cents

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