SG brief: King Wan Corp.

Singapore two-dollar bills

King Wan Corp. said Friday that wholly owned subsidiary King Wan Construction (KWC) was notified that a performance bond amounting to S$1.167 million has been called by Laguna Hotel Holdings (LHH). The performance bond had been issued on a contract for the air-conditioning mechanical ventilation and other works, the company said in a filing to SGX.

The company noted LHH’s Laguna Hotel has already received its temporary occupation permit and started operations in November 2020.

“KWC intends to defend against all LHH’s allegations and claims, including the call on the performance bond,” the company said. “KWC is currently considering its legal options in these regards with its advisors.”