Yongnam

Yongnam: Yongnam has made an announcement with regards to the article dated 21 Jun 2013 on the halting of work at 3 Downtown Line stations as the contractor (Alpine Bau) goes insolvent. The group stated that they supported Alpine in the supply, lease, installation and removal of steel struts and walers for a Cut and Cover Tunnel and the Tan Kah Kee Station, in a subcontract valued at $25m. Yongnam estimates its exposure to Alpine’s insolvency for the remainder of the Project to be approximately $5m and the Group is in communication with the Land Transport Authority for the next course of action. From yesterday's posting, LTA has stated that they will be working closely with the new contractor to continue engaging the existing subcontractors to ensure a minimal impact on the schedule.