TiongWoon: 51% subsi has won contract for Tuas New Yard Phase 1 project. The contract are for marine works including the removal of existing shore protection, sand dredging and rock protection for the proposed docks, wharves, quays, piers and other ancillary works but the contract value cannot be disclosed due to confidentiality reasons. The project is expected to be completed in March 2013.
Most recent results were loss-making with Tiong Woon now trading at 19.1x P/E.
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