BBR Holdings slashes stake in Takenaka-Singapore Piling Joint Venture

From 25% to just 1%.

Mainboard-listed BBR Holdings yesterday revealed that its wholly-owned subsidiary, Singapore Piling & Civil Engineering Private Limited has reduced its share of interest in an un-incorporated joint venture with Takenaka Corporation from 25% to 1%.

The joint venture is known as Takenaka-Singapore Piling Joint Venture and was established in December 2010 to undertake restoration works to two iconic heritage monuments in the heart of the Civic District, the former Supreme Court and the adjacent City Hall building.

The change in JV interest is not expected to have an impact on BBR Holdings’ net tangible asset and earnings per share for the financial year ending 31 December 2014 as the Group has already accounted for its share of losses for the Project in prior financial years.