We established our business in 1965 as Kong Hwee Iron Works & Construction, with a focus on fabricating doors, windows, metal barriers and metal poles. Kong Hwee Iron Works & Construction was registered as a sole proprietorship in 1966. Expansion of our business began in 1975 when we received an influx of contracts for the building of residential buildings, basic infrastructure, airports, piers and train lines. Under the requirements of the Building and Construction Authority of Singapore, Kong Hwee Iron Works & Construction was subsequently converted into Kong Hwee Iron Works & Construction Pte. Ltd as a private limited company in 1988. Our expansion continued and by 1995, we were able to take on larger facility projects such as schools, stadiums and sports complexes. Since then, we have continuously invested in our production processes, equipment and machinery, the expertise and skillset of our workforce, and in our facility spaces. Over the course of more than 55 years in the steel fabrication industry, we have participated in various projects in Singapore, including prominent projects involving 100 meter span trusses at MICRON, floating pontoon at Fullerton Bay Hotel, high rise buildings such as 268 Orchard Road, bridges, Mandarin Gallery and space frames amongst others. As at the date of this prospectus, we had 21 projects with aggregate contract sums of approximately S$46,100,000. Contracts are billed periodically upon completion of  agreed milestones pursuant to our customer agreements. The agreed milestones may be different across our various projects, therefore there is no fixed or standard timeframe for the performance of milestones or the making of expected payments. As at the date of this prospectus, our issued invoices for works completed amount to approximately S$12,500,000, while we also expect to receive approximately S$3,100,000 retained by customers as retention monies for completed works in the period up to March 31, 2024. We further expect to bill in the aggregate approximately S$20,000,000 for our existing projects upon completing their respective milestones.

We participate as a subcontractor for structural steel and metal works in both public sector and private sector projects in Singapore. During the Track Record Period, we recognized revenue from 35 projects, and completed 18 public sector projects as well as 17 private sector projects as a subcontractor. Subsequent to the Track Record Period and up to the date of this prospectus, we had completed 14 projects, namely Tampines Bus Interchange, Sembawang & Tengah Air Base, and Siltronic Factory as a subcontractor. As at the date of this prospectus, we have had 9 public sector projects and 12 private sector projects as a subcontractor on hand with aggregate contract sums of approximately S$19,400,000 and S$25,700,000 respectively. During the Track Record Period, our revenue was approximately S$52,000,000 with net loss of approximately S$15,252,000 and revenue of approximately S$58,100,000 with net profit of approximately S$1,347,000 respectively for the financial years ended July 31, 2023 and July 31, 2022 .

Our suppliers mainly supply to us raw material for metal fabrication works, accommodation for the foreign workers we employ, and other construction materials and consumables such as steel, timber, metal formwork as well as metal ware products that we may require. We do not enter into any long-term contract with our suppliers and generally procure construction materials by placing orders on an anticipated consumption and need basis.

Our major customers consist of internationally renowned main contractors and construction companies, which awarded us contracts involving the projects that we are subcontracted for. All our customers and projects are located in Singapore and all of our service fees are denominated in Singapore dollars.