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Koh Brothers

Joelton
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21-Apr-2026 11:26     
 
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Koh Brothers Eco jumps 17.5% as Catalist-listed unit Oiltek crosses S$1 billion mark

Koh Brothers Group shares are also up more than 13%

[SINGAPORE] Shares of Koh Brothers Eco Engineering (KBE) : 5HV +15.08% jumped as much as 17.5 per cent on Monday (Apr 20), after majority-owned Catalist-listed unit Oiltek : HQU +1.68% crossed S$1 billion in market capitalisation.

The counter climbed S$0.022, rising to S$0.148 as at 9.21 am.

KBE owns 68.1 per cent of Oiltek, but is valued at just about S$355 million. Its stake in Oiltek is worth more than twice as much, excluding the S$72 million of cash KBE held as at end-2025.

Shares of top-level parent company Koh Brothers Group (KBG) : K75 +9.76% were also up, climbing as much as 13.4 per cent or S$0.055 to S$0.465 at the same time.

With its recent gains, which were likely propelled by rising oil prices due to the conflict in the Middle East, Oiltek has now become the first and only Catalist-listed stock with a market cap exceeding S$1 billion. This dwarfs mainboard-listed KBG&rsquo s market cap of about S$169.1 million.

Oiltek on Apr 6 also announced plans to jointly develop a US$350 million sustainable aviation fuel biorefinery in Sabah, Malaysia, with Brunei-based renewable fuel company BioSeaga Industries.
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ozone2002
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21-Apr-2026 09:43     
 
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double bagger in the making 
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SmallSmall      ( Date: 20-Apr-2026 22:51) Posted:

Grok :

How much is koh bro worth per share with its direct stakes in Koh eco and indirect stakes in oiltek based on current share price of oiltek

Koh Brothers Group Limited (K75.SI, &ldquo Koh Bro&rdquo ) is worth approximately S$0.92 per share from its direct 54.81% stake in Koh Brothers Eco Engineering Limited (Koh Eco / 5HV.SI) and Koh Eco&rsquo s indirect 68.14% stake in Oiltek International Limited (HQU.SI), when valued purely at Oiltek&rsquo s current market price (ignoring all other assets, liabilities, cash, or operations in the group).

Key inputs (latest available data as of ~20 April 2026 close)

  • Oiltek (HQU.SI): Last close S$2.38, market cap S$1.021 billion.
  • Koh Eco ownership of Oiltek: 68.14% (unchanged % despite capital changes since early 2025 still cited in recent reports).
  • Koh Bro ownership of Koh Eco: 54.81%.
  • Koh Bro shares outstanding: 412.46 million.

Step-by-step valuation (mark-to-market on Oiltek only)

  1. Value of Koh Eco&rsquo s stake in Oiltek = 68.14% × S$1.021 billion = S$695.71 million
  2. Value attributable to Koh Bro (direct stake in Koh Eco) = 54.81% × S$695.71 million = S$381.32 million (This is Koh Bro&rsquo s effective ~37.34% interest in Oiltek.)
  3. Value per Koh Bro share = S$381.32 million ÷ 412.46 million shares = &asymp S$0.9245 (rounds to S$0.92 per share).

Quick reference table

Layer Ownership % Value of stake (S$m) Notes
Oiltek market cap 100% 1,021 At S$2.38 close
Koh Eco&rsquo s stake in Oiltek 68.14% 695.71 Main/only asset valued here
Koh Bro&rsquo s effective interest 54.81% × 68.14% 381.32 Direct in Koh Eco &rarr indirect in Oiltek
Per Koh Bro share &ndash 0.92 412.46 m shares outstanding
 
 


This is a pure &ldquo sum-of-the-stakes&rdquo or liquidation-style NAV using Oiltek&rsquo s market price only &mdash it does not include:
  • Any other businesses, property, cash, or debt in Koh Bro or Koh Eco.
  • The market discount at which Koh Eco currently trades relative to its Oiltek stake (Koh Eco&rsquo s own market cap is materially lower).
  • Koh Bro&rsquo s own current share price (which is lower, as the market applies a further discount).


If you want the calculation updated with a different Oiltek price, inclusion of other net assets, or Koh Bro&rsquo s full NAV, just provide the details!
 

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stlimst
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21-Apr-2026 08:56     
 
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 Alert Admin 		They all pretend to sleep only.
Quite sure with all the recents news, KBG management is well aware of shareholders' frustration.

Just need BBs and/or activist investors (eg, Oiltek rebels) to wake them up.

lifeisgood      ( Date: 20-Apr-2026 14:59) Posted:

The Board of Directors all sleeping?
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SmallSmall
Supreme
20-Apr-2026 22:51     
 
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 Alert Admin 		Grok :

How much is koh bro worth per share with its direct stakes in Koh eco and indirect stakes in oiltek based on current share price of oiltek

Koh Brothers Group Limited (K75.SI, &ldquo Koh Bro&rdquo ) is worth approximately S$0.92 per share from its direct 54.81% stake in Koh Brothers Eco Engineering Limited (Koh Eco / 5HV.SI) and Koh Eco&rsquo s indirect 68.14% stake in Oiltek International Limited (HQU.SI), when valued purely at Oiltek&rsquo s current market price (ignoring all other assets, liabilities, cash, or operations in the group).

Key inputs (latest available data as of ~20 April 2026 close)

  • Oiltek (HQU.SI): Last close S$2.38, market cap S$1.021 billion.
  • Koh Eco ownership of Oiltek: 68.14% (unchanged % despite capital changes since early 2025 still cited in recent reports).
  • Koh Bro ownership of Koh Eco: 54.81%.
  • Koh Bro shares outstanding: 412.46 million.

Step-by-step valuation (mark-to-market on Oiltek only)

  1. Value of Koh Eco&rsquo s stake in Oiltek = 68.14% × S$1.021 billion = S$695.71 million
  2. Value attributable to Koh Bro (direct stake in Koh Eco) = 54.81% × S$695.71 million = S$381.32 million (This is Koh Bro&rsquo s effective ~37.34% interest in Oiltek.)
  3. Value per Koh Bro share = S$381.32 million ÷ 412.46 million shares = &asymp S$0.9245 (rounds to S$0.92 per share).

Quick reference table

Layer Ownership % Value of stake (S$m) Notes
Oiltek market cap 100% 1,021 At S$2.38 close
Koh Eco&rsquo s stake in Oiltek 68.14% 695.71 Main/only asset valued here
Koh Bro&rsquo s effective interest 54.81% × 68.14% 381.32 Direct in Koh Eco &rarr indirect in Oiltek
Per Koh Bro share &ndash 0.92 412.46 m shares outstanding
 
 


This is a pure &ldquo sum-of-the-stakes&rdquo or liquidation-style NAV using Oiltek&rsquo s market price only &mdash it does not include:
  • Any other businesses, property, cash, or debt in Koh Bro or Koh Eco.
  • The market discount at which Koh Eco currently trades relative to its Oiltek stake (Koh Eco&rsquo s own market cap is materially lower).
  • Koh Bro&rsquo s own current share price (which is lower, as the market applies a further discount).


If you want the calculation updated with a different Oiltek price, inclusion of other net assets, or Koh Bro&rsquo s full NAV, just provide the details!
 
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moonsun
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20-Apr-2026 15:32     
 
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 Alert Admin 		They are monitoring.. by time they act? gane ocer.. deliated at cheap price lor

stlimst      ( Date: 20-Apr-2026 14:35) Posted:

How can our SGX attract companies to list/IPO is our market with this type of anomalies so stark?
We have MAS, SIAS, SGX managemennt, various committees, task forces, ministers all trying to see how to give a leg up to our very disappointing SGX.
Come on!

SmallSmall      ( Date: 20-Apr-2026 11:28) Posted:

Published Mon, Apr 20, 2026 · 07:00 AM Extracted and Summarised

However, the real Value Unlock to come is in the Smid space. With research coverage still patchy in this segment, there appears room for more, or at least for the diligent to spot mispricing among related companies.

Take for instance, Oiltek. A successful expansion into renewable energy solutions since its Catalist listing in March 2022 has produced a 3,000 per cent return for early investors, from the initial public offering price of S$0.23 to a current price of around S$2.40 and post a 2:1 bonus issue last May on transfer to mainboard. Recent April price targets from CGS International, UOB Kay Hian and Philip Securities put potential reach at S$2.72 to S$3.38, following a US$350 million contract for sustainable aviation fuel.

Koh Brothers rejects shareholders&rsquo renewed push for distribution of Oiltek stake

Shareholders push Koh Brothers for in-specie distribution of Oiltek stake


Its market capitalisation has crossed S$1 billion, propelling this four-year-old S$35 million Catalist listing into the mid-cap range.

Interestingly, it has left its parent companies in its wake. Koh Brothers Eco Engineering (KBE) which owns 68.14 per cent of Oiltek, is valued at just over S$315 million. The paper value of its stake in Oiltek itself is worth more than twice as much, excluding the S$72 million of cash on KBE&rsquo s balance sheet in December 2025.

Rolling up one more level, Koh Brothers Group (KBG) owns 54.81 per cent of KBE. Its market cap of about S$160 million is two-thirds backed by S$114 million of cash at end-December 2025.

The implied market value of its indirect stake in Oiltek is more than double its current market capitalisation.

Little wonder then, that KBG shareholders have been asking for a distribution of Oiltek shares in-specie upstream to KBE shareholders, which would also unlock value for KBG minorities.

Last week, KBG declined to even put this shareholder request to a vote.

In 2025, a similar proposed shareholders resolution was tabled &ldquo to promote open engagement with shareholders&rdquo , according to the board, even if it was voted down by the majority shareholders.

At the time, the board explained its desire to retain control over the strategy and future growth of Oiltek. It is understandable, even if it may be perceived as a traditional approach resulting in a big holding company discount to the sum of its parts.

At current pricing, KBG&rsquo s cash, property development arm and construction business (with a S$1.1 billion order book) and its hotel operations essentially are priced at a negative value after accounting for the implied value of its indirect Oiltek stake &ndash which is over twice its market capitalisation.

This is not an entirely unique situation. After the successful spin-off of Lum Chang Creations (LCC) last year, parent Lum Chang Holdings (LCH), which owns 71.1 per cent of its listed subsidiary, trades at two thirds LCC&rsquo s market capitalisation. The rest of the parent&rsquo s business is also priced negatively.

Either KBG, KBE and LCH minorities may have to keep the long-suffering faith in future realisation of value by hanging on, or the market may awaken to these anomalies and narrow the gap.

In in the case of Low Keng Huat, a privatisation was completed earlier this year at a premium to prevailing market prices, but at a discount to asset value.

Or perhaps there is still a missing link or two in the &ldquo modernisation&rdquo of our local market.

Would a regulatory rod like Tokyo Stock Exchange&rsquo s Value-Up programme, nudging listed companies to disclose concrete, actionable initiatives for improving corporate value or be named and shamed, help pressure boards?

There may now be enough meat on some of these tables to attract activist investors to, well, get active.

The writer is chairman of Shan De Advisors. He retired in 2021 from SGX, where he was a senior managing director.
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lifeisgood
Supreme
20-Apr-2026 14:59     
 
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 Alert Admin 		The Board of Directors all sleeping?
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stlimst
Master
20-Apr-2026 14:35     
 
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 Alert Admin 		How can our SGX attract companies to list/IPO is our market with this type of anomalies so stark?
We have MAS, SIAS, SGX managemennt, various committees, task forces, ministers all trying to see how to give a leg up to our very disappointing SGX.
Come on!

SmallSmall      ( Date: 20-Apr-2026 11:28) Posted:

Published Mon, Apr 20, 2026 · 07:00 AM Extracted and Summarised

However, the real Value Unlock to come is in the Smid space. With research coverage still patchy in this segment, there appears room for more, or at least for the diligent to spot mispricing among related companies.

Take for instance, Oiltek. A successful expansion into renewable energy solutions since its Catalist listing in March 2022 has produced a 3,000 per cent return for early investors, from the initial public offering price of S$0.23 to a current price of around S$2.40 and post a 2:1 bonus issue last May on transfer to mainboard. Recent April price targets from CGS International, UOB Kay Hian and Philip Securities put potential reach at S$2.72 to S$3.38, following a US$350 million contract for sustainable aviation fuel.

Koh Brothers rejects shareholders&rsquo renewed push for distribution of Oiltek stake

Shareholders push Koh Brothers for in-specie distribution of Oiltek stake


Its market capitalisation has crossed S$1 billion, propelling this four-year-old S$35 million Catalist listing into the mid-cap range.

Interestingly, it has left its parent companies in its wake. Koh Brothers Eco Engineering (KBE) which owns 68.14 per cent of Oiltek, is valued at just over S$315 million. The paper value of its stake in Oiltek itself is worth more than twice as much, excluding the S$72 million of cash on KBE&rsquo s balance sheet in December 2025.

Rolling up one more level, Koh Brothers Group (KBG) owns 54.81 per cent of KBE. Its market cap of about S$160 million is two-thirds backed by S$114 million of cash at end-December 2025.

The implied market value of its indirect stake in Oiltek is more than double its current market capitalisation.

Little wonder then, that KBG shareholders have been asking for a distribution of Oiltek shares in-specie upstream to KBE shareholders, which would also unlock value for KBG minorities.

Last week, KBG declined to even put this shareholder request to a vote.

In 2025, a similar proposed shareholders resolution was tabled &ldquo to promote open engagement with shareholders&rdquo , according to the board, even if it was voted down by the majority shareholders.

At the time, the board explained its desire to retain control over the strategy and future growth of Oiltek. It is understandable, even if it may be perceived as a traditional approach resulting in a big holding company discount to the sum of its parts.

At current pricing, KBG&rsquo s cash, property development arm and construction business (with a S$1.1 billion order book) and its hotel operations essentially are priced at a negative value after accounting for the implied value of its indirect Oiltek stake &ndash which is over twice its market capitalisation.

This is not an entirely unique situation. After the successful spin-off of Lum Chang Creations (LCC) last year, parent Lum Chang Holdings (LCH), which owns 71.1 per cent of its listed subsidiary, trades at two thirds LCC&rsquo s market capitalisation. The rest of the parent&rsquo s business is also priced negatively.

Either KBG, KBE and LCH minorities may have to keep the long-suffering faith in future realisation of value by hanging on, or the market may awaken to these anomalies and narrow the gap.

In in the case of Low Keng Huat, a privatisation was completed earlier this year at a premium to prevailing market prices, but at a discount to asset value.

Or perhaps there is still a missing link or two in the &ldquo modernisation&rdquo of our local market.

Would a regulatory rod like Tokyo Stock Exchange&rsquo s Value-Up programme, nudging listed companies to disclose concrete, actionable initiatives for improving corporate value or be named and shamed, help pressure boards?

There may now be enough meat on some of these tables to attract activist investors to, well, get active.

The writer is chairman of Shan De Advisors. He retired in 2021 from SGX, where he was a senior managing director.
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SmallSmall
Supreme
20-Apr-2026 11:28     
 
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 Alert Admin 		Published Mon, Apr 20, 2026 · 07:00 AM Extracted and Summarised

However, the real Value Unlock to come is in the Smid space. With research coverage still patchy in this segment, there appears room for more, or at least for the diligent to spot mispricing among related companies.

Take for instance, Oiltek. A successful expansion into renewable energy solutions since its Catalist listing in March 2022 has produced a 3,000 per cent return for early investors, from the initial public offering price of S$0.23 to a current price of around S$2.40 and post a 2:1 bonus issue last May on transfer to mainboard. Recent April price targets from CGS International, UOB Kay Hian and Philip Securities put potential reach at S$2.72 to S$3.38, following a US$350 million contract for sustainable aviation fuel.

Koh Brothers rejects shareholders&rsquo renewed push for distribution of Oiltek stake

Shareholders push Koh Brothers for in-specie distribution of Oiltek stake


Its market capitalisation has crossed S$1 billion, propelling this four-year-old S$35 million Catalist listing into the mid-cap range.

Interestingly, it has left its parent companies in its wake. Koh Brothers Eco Engineering (KBE) which owns 68.14 per cent of Oiltek, is valued at just over S$315 million. The paper value of its stake in Oiltek itself is worth more than twice as much, excluding the S$72 million of cash on KBE&rsquo s balance sheet in December 2025.

Rolling up one more level, Koh Brothers Group (KBG) owns 54.81 per cent of KBE. Its market cap of about S$160 million is two-thirds backed by S$114 million of cash at end-December 2025.

The implied market value of its indirect stake in Oiltek is more than double its current market capitalisation.

Little wonder then, that KBG shareholders have been asking for a distribution of Oiltek shares in-specie upstream to KBE shareholders, which would also unlock value for KBG minorities.

Last week, KBG declined to even put this shareholder request to a vote.

In 2025, a similar proposed shareholders resolution was tabled &ldquo to promote open engagement with shareholders&rdquo , according to the board, even if it was voted down by the majority shareholders.

At the time, the board explained its desire to retain control over the strategy and future growth of Oiltek. It is understandable, even if it may be perceived as a traditional approach resulting in a big holding company discount to the sum of its parts.

At current pricing, KBG&rsquo s cash, property development arm and construction business (with a S$1.1 billion order book) and its hotel operations essentially are priced at a negative value after accounting for the implied value of its indirect Oiltek stake &ndash which is over twice its market capitalisation.

This is not an entirely unique situation. After the successful spin-off of Lum Chang Creations (LCC) last year, parent Lum Chang Holdings (LCH), which owns 71.1 per cent of its listed subsidiary, trades at two thirds LCC&rsquo s market capitalisation. The rest of the parent&rsquo s business is also priced negatively.

Either KBG, KBE and LCH minorities may have to keep the long-suffering faith in future realisation of value by hanging on, or the market may awaken to these anomalies and narrow the gap.

In in the case of Low Keng Huat, a privatisation was completed earlier this year at a premium to prevailing market prices, but at a discount to asset value.

Or perhaps there is still a missing link or two in the &ldquo modernisation&rdquo of our local market.

Would a regulatory rod like Tokyo Stock Exchange&rsquo s Value-Up programme, nudging listed companies to disclose concrete, actionable initiatives for improving corporate value or be named and shamed, help pressure boards?

There may now be enough meat on some of these tables to attract activist investors to, well, get active.

The writer is chairman of Shan De Advisors. He retired in 2021 from SGX, where he was a senior managing director.
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easywin
Supreme
20-Apr-2026 11:07     
 
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 Alert Admin 		After 0.500  more to chiong toward 0.700
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treehouse
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20-Apr-2026 09:31     
 
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 Alert Admin 		finally chionging!
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Joelton
Supreme
18-Apr-2026 16:39     
 
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Can Koh Brothers do better in unlocking value for shareholders?

Oiltek International, which was listed with hardly any fanfare in March 2022, has seen an almost meteoric rise in its share price, gaining more than 2,500% since its IPO to close at $2.12 on April 14. Buoyed by a growing chorus of bullish target prices &mdash the latest being CGS International&rsquo s $3.38 call on April 14 &mdash the surge in Oiltek&rsquo s value has highlighted the unprecedented mismatch at its parent and &ldquo grandparent&rdquo company Koh Brothers Eco Engineering (KBE) and Koh Brothers Group (KBG), respectively.

Oiltek is 68.1% controlled by KBE, and the stake is valued at $619 million as of April 14, versus KBE&rsquo s entire market cap of $331.9 million. Meanwhile, KBE is 54.8% held by KBG &mdash a stake valued at $181.9 million, versus KBG&rsquo s total market cap of just $148.9 million. KBG&rsquo s effective stake in Oiltek is $339.2 million, or twice its own market cap. The contrast is even starker amid a revival in investor interest in construction stocks &mdash and not just continued optimism in local equities.

The disparity in value was big enough for certain shareholders to take action more than a year ago. Ahead of KBG&rsquo s annual general meeting last year, the company received a requisition notice from shareholders Morph Investment, Ong Sze Wang and Chin Phak Lin, asking for the distribution of Oiltek shares in specie via KBE to be put to the vote.

They control around 21 million shares in total, but with the controlling Koh family members together holding more than half of the 438 million shares, this resolution was not able to muster enough support, with 42.16% for and 57.84% against.

Since April 2025, Oiltek&rsquo s shares have gained another 470%, exacerbating the disparity in value. Ahead of this year&rsquo s AGM on April 29, the same shareholders have put forward the same resolution, as announced by KBG on March 25.

Following the March 25 announcement, both KBG and KBE witnessed a gain of around 19.3% and 62.5%, respectively, in their share price, as investors position for a potential windfall if the distribution is to take place.

However, KBG, which is headed by executive chairman and group CEO Francis Koh, held its ground this time round. On April 13, it announced that it had rejected this request and would not put the resolution to a vote. KBG maintains that it took into consideration, among others, that the current operating environment remains uncertain and volatile, the financing arrangements of KBG, the potential effects on the financial position of Oiltek, KBE and itself, as well as the ability to direct the strategy and future growth of Oiltek.

Following this, both share prices of KBG and KBE suffered a decline of 8.1% and 12.1%, respectively, on April 14. The million-dollar question now is &mdash should KBG&rsquo s board have put forth the resolution and allowed all shareholders to vote in the upcoming AGM?

From the share price decline on April 14, the market is clearly sending a message to KBG&rsquo s board that it has to do more for shareholders and unlock value for them.

Given the ongoing efforts by the Monetary Authority of Singapore and the Singapore Exchange on the value unlocking programme for our equity market, companies, especially undervalued companies, should start to do more to lay out concrete plans to unlock value for shareholders to bridge the valuation gap.

For KBG, it is even more important than ever before, given the valuation mispricing at both the company and the subsidiary level. With no concrete plans on how to monetise the stake in Oiltek, which KBE owns, price discovery will not happen, and its share price will continue to languish at depressed levels.

It is in the best interests of KBG shareholders to vote on a value-unlocking resolution at the upcoming AGM, which would benefit all shareholders. Clearly, KBG should have done better this time around.
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ozone2002
Supreme
17-Apr-2026 22:27     
 
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ozone2002      ( Date: 13-Apr-2026 16:25) Posted:

Last:0.37        +0.02
loaded up on Koh Bros, IYKYK

Key Statistics

 
EPS  (SGD)  a 0.04503 Trailing EPS  (SGD)  b 0.04503 NAV  (SGD)  c 0.6860
PE  a 8.217 Trailing PE  d 8.216 Price / NAV  c 0.5394
Dividend Yield  (%)  e 1.081 Cash In Hand  (SGD)  f 0.2772 Issued & Paid-up Shares  g 412,459,100
Piotroski F Score 8 Market Cap (M) 152.610 Free Float (%) 42.4
Return on Equity (ROE) (%)  h 6.564 Revenue Growth (%) TTM  i 38.172
Net Earnings Growth (%)  j 440.763 Net Debt/Equity  k 0.052 Net Debt (SGD ' 000) 14,579


 

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investshare
Supreme
17-Apr-2026 17:48     
 
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 Alert Admin 		Actually a small company, how come so many listed subsidiaries?
DBS or SingTel don?t even have one.
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muifan
Supreme
17-Apr-2026 17:46     
 
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Yells: "Take the leap of faith dont regret 20 years later!"
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 Alert Admin 		Nothing much leh, because of this caused the surge??

Fire8320      ( Date: 17-Apr-2026 17:29) Posted:

  1. Can Koh Brothers do better in unlocking value for shareholders?

Teo Zheng LongFri, Apr 17, 2026 &bull 12:00 PM GMT+08 &bull   &bull 4 min read

Oiltek International, which was listed with hardly any fanfare in March 2022, has seen an almost meteoric rise in its share price, gaining more than 2,500% since its IPO to close at $2.12 on April 14. Buoyed by a growing chorus of bullish target prices &mdash the latest being CGS International&rsquo s $3.38 call on April 14 &mdash the surge in Oiltek&rsquo s value has highlighted the unprecedented mismatch at its parent and &ldquo grandparent&rdquo company Koh Brothers Eco Engineering (KBE) and Koh Brothers Group (KBG), respectively.
Oiltek is 68.1% controlled by KBE, and the stake is valued at $619 million as of April 14, versus KBE&rsquo s entire market cap of $331.9 million. Meanwhile, KBE is 54.8% held by KBG &mdash a stake valued at $181.9 million, versus KBG&rsquo s total market cap of just $148.9 million. KBG&rsquo s effective stake in Oiltek is $339.2 million, or twice its own market cap. The contrast is even starker amid a revival in investor interest in construction stocks &mdash and not just continued optimism in local equities.
The disparity in value was big enough for certain shareholders to take action more than a year ago. Ahead of KBG&rsquo s annual general meeting last year, the company received a requisition notice from shareholders Morph Investment, Ong Sze Wang and Chin Phak Lin, asking for the distribution of Oiltek shares in specie via KBE to be put to the vote.
They control around 21 million shares in total, but with the controlling Koh family members together holding more than half of the 438 million shares, this resolution was not able to muster enough support, with 42.16% for and 57.84% against.
Since April 2025, Oiltek&rsquo s shares have gained another 470%, exacerbating the disparity in value. Ahead of this year&rsquo s AGM on April 29, the same shareholders have put forward the same resolution, as announced by KBG on March 25.
Following the March 25 announcement, both KBG and KBE witnessed a gain of around 19.3% and 62.5%, respectively, in their share price, as investors position for a potential windfall if the distribution is to take place.
However, KBG, which is headed by executive chairman and group CEO Francis Koh, held its ground this time round. On April 13, it announced that it had rejected this request and would not put the resolution to a vote. KBG maintains that it took into consideration, among others, that the current operating environment remains uncertain and volatile, the financing arrangements of KBG, the potential effects on the financial position of Oiltek, KBE and itself, as well as the ability to direct the strategy and future growth of Oiltek.
Following this, both share prices of KBG and KBE suffered a decline of 8.1% and 12.1%, respectively, on April 14. The million-dollar question now is &mdash should KBG&rsquo s board have put forth the resolution and allowed all shareholders to vote in the upcoming AGM?
From the share price decline on April 14, the market is clearly sending a message to KBG&rsquo s board that it has to do more for shareholders and unlock value for them.
Given the ongoing efforts by the Monetary Authority of Singapore and the Singapore Exchange on the value unlocking programme for our equity market, companies, especially undervalued companies, should start to do more to lay out concrete plans to unlock value for shareholders to bridge the valuation gap.
For KBG, it is even more important than ever before, given the valuation mispricing at both the company and the subsidiary level. With no concrete plans on how to monetise the stake in Oiltek, which KBE owns, price discovery will not happen, and its share price will continue to languish at depressed levels.
It is in the best interests of KBG shareholders to vote on a value-unlocking resolution at the upcoming AGM, which would benefit all shareholders. Clearly, KBG should have done better this time around.
 

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Fire8320
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17-Apr-2026 17:29     
 
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  1. Can Koh Brothers do better in unlocking value for shareholders?

Teo Zheng LongFri, Apr 17, 2026 &bull 12:00 PM GMT+08 &bull   &bull 4 min read

Oiltek International, which was listed with hardly any fanfare in March 2022, has seen an almost meteoric rise in its share price, gaining more than 2,500% since its IPO to close at $2.12 on April 14. Buoyed by a growing chorus of bullish target prices &mdash the latest being CGS International&rsquo s $3.38 call on April 14 &mdash the surge in Oiltek&rsquo s value has highlighted the unprecedented mismatch at its parent and &ldquo grandparent&rdquo company Koh Brothers Eco Engineering (KBE) and Koh Brothers Group (KBG), respectively.
Oiltek is 68.1% controlled by KBE, and the stake is valued at $619 million as of April 14, versus KBE&rsquo s entire market cap of $331.9 million. Meanwhile, KBE is 54.8% held by KBG &mdash a stake valued at $181.9 million, versus KBG&rsquo s total market cap of just $148.9 million. KBG&rsquo s effective stake in Oiltek is $339.2 million, or twice its own market cap. The contrast is even starker amid a revival in investor interest in construction stocks &mdash and not just continued optimism in local equities.
The disparity in value was big enough for certain shareholders to take action more than a year ago. Ahead of KBG&rsquo s annual general meeting last year, the company received a requisition notice from shareholders Morph Investment, Ong Sze Wang and Chin Phak Lin, asking for the distribution of Oiltek shares in specie via KBE to be put to the vote.
They control around 21 million shares in total, but with the controlling Koh family members together holding more than half of the 438 million shares, this resolution was not able to muster enough support, with 42.16% for and 57.84% against.
Since April 2025, Oiltek&rsquo s shares have gained another 470%, exacerbating the disparity in value. Ahead of this year&rsquo s AGM on April 29, the same shareholders have put forward the same resolution, as announced by KBG on March 25.
Following the March 25 announcement, both KBG and KBE witnessed a gain of around 19.3% and 62.5%, respectively, in their share price, as investors position for a potential windfall if the distribution is to take place.
However, KBG, which is headed by executive chairman and group CEO Francis Koh, held its ground this time round. On April 13, it announced that it had rejected this request and would not put the resolution to a vote. KBG maintains that it took into consideration, among others, that the current operating environment remains uncertain and volatile, the financing arrangements of KBG, the potential effects on the financial position of Oiltek, KBE and itself, as well as the ability to direct the strategy and future growth of Oiltek.
Following this, both share prices of KBG and KBE suffered a decline of 8.1% and 12.1%, respectively, on April 14. The million-dollar question now is &mdash should KBG&rsquo s board have put forth the resolution and allowed all shareholders to vote in the upcoming AGM?
From the share price decline on April 14, the market is clearly sending a message to KBG&rsquo s board that it has to do more for shareholders and unlock value for them.
Given the ongoing efforts by the Monetary Authority of Singapore and the Singapore Exchange on the value unlocking programme for our equity market, companies, especially undervalued companies, should start to do more to lay out concrete plans to unlock value for shareholders to bridge the valuation gap.
For KBG, it is even more important than ever before, given the valuation mispricing at both the company and the subsidiary level. With no concrete plans on how to monetise the stake in Oiltek, which KBE owns, price discovery will not happen, and its share price will continue to languish at depressed levels.
It is in the best interests of KBG shareholders to vote on a value-unlocking resolution at the upcoming AGM, which would benefit all shareholders. Clearly, KBG should have done better this time around.
 
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superstartup
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17-Apr-2026 17:22     
 
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 Alert Admin 		Article out earlier at lunch time.
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lifeisgood
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17-Apr-2026 17:12     
 
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 Alert Admin 		is it possible to cut amd paste if u have softcopy? thanks

SmallSmall      ( Date: 17-Apr-2026 16:52) Posted:

This one hit new high....$0.405 +$0.05 !
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17-Apr-2026 16:59     
 
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 Alert Admin 		Your news so fast. This weekend you already know

SmallSmall      ( Date: 17-Apr-2026 16:52) Posted:

This one hit new high....$0.405 +$0.05 !
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SmallSmall
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17-Apr-2026 16:52     
 
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 Alert Admin 		This one hit new high....$0.405 +$0.05 !
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lifeisgood
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15-Apr-2026 14:56     
 
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 Alert Admin 		Given the extreme under valuation of KBG , what does the KBG management intend to do to address this issue? Any plans by the management to " value up" to reflect the gaping valuation between KBG and its ownership of Koh Eco & Oiltek?
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