The Board of Yongnam Holdings Limited announced that the Company has entered into a JVA with Daewoo E&C on 30 March 2022. Pursuant to the JVA, the respective beneficial interests of the Company and Daewoo E&C in the JV are 0.01% and 99.99% respectively, effective from the date of pre-bid agreement. The purpose of the JV is to carry out the design and build contract for J109 contract works include the design and construction of Toh Guan Station, Jurong Town Hall Station, Pandan Reservoir Station and associated entrances, as well as a 3600 metres elevated viaduct.

Under the JVA, Daewoo E&C shall be the leader of the JV. Daewoo E&C is entitled and authorised to represent the JV in respect of the Contract with the owner and/or any third party. Daewoo E&C shall enter into all subcontracts in respect of the works under the Contract solely and exclusively with the relevant third parties in the name of the JV.

The JV shall be entirely and exclusively managed and controlled by Daewoo E&C. The Company shall have no authority to represent the JV in any manner, and agree to sign and issue a power of attorney empowering Daewoo E&C to represent and perform all acts on behalf of the JV in respect of the Project.