Overview of AGM Proceedings

Koh Brothers Group Limited held its Annual General Meeting (AGM) on 29 April 2026, at Raffles Town Club, Singapore. The meeting, chaired by Mr. Koh Keng Siang, provided shareholders with important updates on the company’s performance for the financial year ended 31 December 2025, and resolutions pivotal to the Group’s future were passed by strong majorities.

Financial Performance and Dividend Announcement

• Special and Final Dividend Declared: Shareholders approved a special dividend of 0.60 Singapore cents per share and a final dividend of 0.30 Singapore cents per share for FY2025. This reflects management’s confidence in its cash position and ongoing business prospects. Such a payout may be seen as a positive signal to the market and could impact share prices.
• Strong Support for Board Decisions: All resolutions, including the adoption of audited accounts, re-election of directors, and approval of directors’ fees (S\$447,006), were passed with overwhelming majority votes, indicating robust shareholder confidence in the current leadership.
• Renewal of Share Purchase Mandate: Shareholders approved the renewal of the share purchase mandate, giving the company flexibility for share buybacks, a move often seen as supportive of the share price.

Project Updates and Revenue Visibility

• Major Projects Progress: The company provided guidance on key projects:
  • Toa Payoh Integrated Development: Expected completion by end of 2026.
  • Changi Airport Terminal 5 Intra-Terminal Tunnel: Targeted completion in five years.
  • Multi-storey Bus Depot at Lorong Halus: Projected completion in four years.
  • Two Tuas Water Reclamation Plant contracts: Anticipated completion by end of 2027.

  These updates offer investors clear visibility into future revenue streams.

• Order Book Strength: The company’s order book stood at approximately S\$1.125 billion, with the majority derived from the construction and engineering segment. The bio-refinery segment (notably Oiltek) contributed S\$95 million. This robust order pipeline underpins the Group’s earnings visibility for the coming years.

Strategic Asset Management and Value Realisation

• Asset Monetisation: The Board addressed shareholder queries about realising and enhancing value, referencing the Group’s divestment of land in Johor, Malaysia. Management indicated readiness to consider further disposals when market conditions are favourable, but stressed a holistic and strategic approach rather than a “sell all” strategy.
• Investment Securities: The increase in investment securities value was due to market price appreciation, not additional purchases. Management is open to divesting these holdings at the right price and timing, reinforcing a disciplined approach to capital allocation.

Financial Position and Funding

• Improved Gearing Ratio: The Group’s gearing improved due to higher cash and reduced borrowings, supported by project completions and the Johor land sale.
• Notes Payable: While the coupon rate of its multicurrency medium term notes (MTN) was highlighted, management clarified it had decreased from 6.5% to 5.2%, which is competitive in the sector. The company values retaining noteholders for future funding flexibility.

Governance and Board Developments

• Director Retirement: Mr. Ow Yong Thian Soo retired from the Board after over nine years of service, in line with SGX Listing Manual requirements for director independence. The Board placed on record its appreciation for his contributions.
• Auditor Independence: Shareholders sought clarification on auditor independence. The partner-in-charge from PricewaterhouseCoopers LLP confirmed he is not related to the Koh family, ensuring continued audit integrity.

Shareholder Engagement and Market Sensitivities

• Minority vs. Majority Shareholder Interests: The Board acknowledged the need to balance interests and reiterated a commitment to long-term value creation through strategic partnerships, joint ventures, and selective disposals, rather than short-term asset stripping.
• Bonus Issue Proposal: Management noted shareholder suggestions for a bonus issue as a means to enhance value, and confirmed this would be considered, depending on future conditions.
• Resilience to Geopolitical and Commodity Risks: The Group’s primary focus on public sector projects provides a buffer against market volatility, such as fluctuations in diesel prices and global supply chain disruptions.

Conclusion

The 2026 AGM showcased Koh Brothers Group’s disciplined capital management, strong project pipeline, and strategic approach toward value realisation. The Group’s robust order book, prudent financial management, and shareholder-friendly policies (dividends and share buyback mandate) position it well for future growth. Investors should continue monitoring the company’s progress on project delivery, asset monetisation, and any potential strategic moves, such as bonus issues or further divestments, as these could significantly impact the share price.

大会概览

高兄弟集团有限公司于2026年4月29日在新加坡莱佛士城俱乐部召开年度股东大会。会议由主席许景祥先生主持，向股东报告了截至2025年12月31日财年的业绩，并通过了多项对集团未来发展至关重要的决议案。

财务表现与分红

• 特别与末期股息： 股东批准派发2025财年特别股息每股0.60新加坡分及末期股息0.30新加坡分，反映出管理层对现金状况和业务前景的信心。这一举措对市场具有积极信号，或将影响股价。
• 董事会决策获强力支持： 包括通过经审计账目、董事连任及批准董事费（44万7006新元）等所有议案，均以压倒性多数通过，表明股东对现任管理层高度信任。
• 股票回购授权续期： 股东同意续期回购股份授权，为公司未来回购股份提供灵活性，被视为股价支撑举措。

项目进展及收入前景

• 主要项目进度： 公司公布了关键项目的最新进展：
  • 大巴窑综合发展项目：预计2026年底前完工。
  • 樟宜机场第五航站楼联通隧道：预计5年内完工。
  • 洛阳哈鲁士多层巴士车厂：预计4年内完工。
  • 两项大士水回收厂合约：预计2027年底前完工。

  上述项目为未来收入提供了良好可见性。

• 订单储备强劲： 订单总额约为11.25亿新元，其中大部分来自建筑与工程板块。生物炼油板块（主要是Oiltek）贡献9500万新元。这一强劲订单保障了未来几年收益的可持续性。

资产管理与价值实现

• 资产变现： 董事会回应股东关于提升价值的提问，举例提及出售柔佛土地。管理层表示会视市场行情择机处置资产，但强调采取全局性、战略性的资产管理，而非一味“卖光”。
• 证券投资： 证券投资价值增加源于市场价格上涨，并非额外购入。管理层表示会在价格和时机合适时考虑变现，体现审慎的资本配置策略。

财务状况与融资

• 负债率改善： 受项目竣工带来的现金增加及借款减少影响，集团负债率改善，且柔佛土地出售所得进一步增强了现金及银行存款。
• 中期票据： 虽有股东关注票息较高问题，但管理层澄清已从6.5%降至5.2%，在行业中具有竞争力，并希望通过保留票据持有人为未来融资提供灵活性。

治理与董事会动态

• 董事退休： 欧永天寿先生因应SGX独立性规定，在任超过九年后退休。董事会对其贡献表示感谢。
• 审计师独立性： 审计合伙人Koh先生确认与高氏家族无亲属关系，确保审计工作的独立性。

股东互动与市场敏感事项

• 大小股东利益平衡： 董事会强调致力于长期价值创造，将通过合资、战略合作及有选择的资产处置实现目标，而非短线套利。
• 红股建议： 管理层接纳股东提出的红股建议，并表示未来将视情况考虑。
• 抗风险能力： 集团项目以政府公共工程为主，对油价波动及全球供应链冲击具备一定抵御能力。

结论

2026年股东大会展示了高兄弟集团严谨的资本管理、稳健的项目储备和战略性的价值实现路径。强劲的订单、良好的财务状况及积极的股东回报政策（分红、回购）为未来增长奠定基础。投资者应持续关注项目进展、资产处置及可能的红股等战略动作，这些都可能对股价产生重大影响。