CCM unit wins $5.9m contract, raises share capital by $500,000

CCM Group says wholly-owned subsidiary, CCM Industrial, has secured a $5.9 million contract to carry out restoration and additional works at Yueh Hai Ching temple at Philip Street. Work started on Oct 1 and is scheduled for completion within 25 months.

Separately, the group announced that CCM Industrial has raised its share capital by $500,000. CCM Industrial issued 500,000 new shares of $1 each to CCM Group. The proceeds will be used to finance its working capital requirements. Consequently, the shareholding of CCM Group in CCM Industrial has been raised to $7 million, from $6.5 million.