A research report by Privum Fund Mgt that was published in late Sept2026. It does not belong to any of the major brokerage houses and so I suspect it is the results of the GEMS Research Development Grant that was part of MAS equity revival efforts in 2025.
Based on my own understanding on OKP, the report is quite thorough with the exception of the ownership portion, where the ownership% is not updated correctly. But nonetheless, its concerns of executive pay (as a portion of dividends) and buying "non core" investment properties are still spot on.
Singapore civil engineering contractor with a strong order book and net cash balance sheet
OKP is controlled by its founder, Mr Or Kim Peow, who has an aggregate interest of ~55.2% of the issued shares. The Or family is also closely involved in management: all six executive directors are the founder or members of his family (his wife, three sons and a nephew), as are two of the three key executives.
The other substantial shareholder at the time of the FY2025 annual report was CS International (S) Pte. Ltd. with 14.05%, a stake linked to the China Sonangol group; the relationship dates back to a 2009 share placement to China Sonangol
International (S) Pte. Ltd.
While the company does pay out dividends, it does not have a formal dividend policy, and it has not bought back shares. Management has explained OKPâs cash retention by reference to performance bonds, tender prequalification and the lumpy cash cycle of contracting.
The six executive directors received total remuneration of about S$11.8m in FY2025, largely variable pay and profit sharing, which exceeded the S$10.7m dividend declared to all shareholders for the year.
Management describes property as noncore, but continues to talk of diversifying through property developments and other investments, which is a capital allocation question for minority shareholders.
https://api2.sgx.com/sites/default/files...ch_OKP.pdf
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
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