The board of directors of Kwan Yong Holdings Limited announced that the Group (through its wholly-owned subsidiary, Kwan Yong Construction Pte Ltd) has been awarded a construction contract with a contract sum of approximately SGD 47.9 million (the "Contract Sum"), which relates to the proposed additions and alterations work to a Singapore school with the implementation of precast technology (the "Contract"). The Contract has been entered into in the Group's ordinary course of business and barring any unforeseen circumstances. The Board wishes to state that as the Contract Sum is "all-inclusive" basis and includes contingent and/or provisional contract amounts which may or may not materialise, hence, the actual revenue to be derived from the Contract by the Group may equal to, exceed or fall short of the Contract Sum.