COSCO SHIPPING Awards Major Construction Contract for Jurong Island Logistics Hub Expansion

COSCO SHIPPING International (Singapore) Co., Ltd. has announced a significant development that could impact its share value. The Board of Directors has awarded a substantial construction contract to SH Design & Build Pte Ltd for Phase II of the Jurong Island Logistics Hub (JILH). This decision follows a comprehensive tender process, underscoring the strategic importance of the project.

SH Design & Build Pte Ltd, a reputable member of the Soon Hock group, specializes in the design and construction of commercial and industrial structures. Known for their expertise in building robust structures capable of accommodating heavyweight equipment, SHDB’s involvement is expected to enhance the project’s quality and durability.

The construction of JILH Phase II is poised to commence once provisional permission is granted by the Urban Redevelopment Authority. The estimated timeline for completion ranges between 18 to 21 months, indicating a rapid progression once initiated. This development is crucial for COSCO SHIPPING as it aims to bolster its logistics capabilities on Jurong Island, a pivotal location for regional trade and storage solutions.

Importantly, the announcement clarifies that none of the company’s Directors or controlling shareholders have any direct or indirect interest in the transaction, apart from their existing shareholdings or directorships within the company. This transparency might reassure investors regarding governance and ethical standards.

Given the scale and potential impact of this construction project, shareholders and potential investors should monitor developments closely as they may influence the company’s operational capacity and market position, which could in turn affect share values.

Disclaimer: The information provided in this article is based on the announcement made by COSCO SHIPPING International (Singapore) Co., Ltd. on 22 November 2024. Investors should perform their own due diligence and consider market conditions before making investment decisions.