On Sept 4, Progen Holdings managing director Lee Eng acquired 3,637,000 shares for a consideration of S$182,467, at 5.0 cents per share. This took his total interest in the listed company from 49.10 per cent to 50.03 per cent.

 

Mr Lee has more than 40 years of experience in the air-conditioning, refrigeration and climate control industry.

 

The group was founded more than three decades ago when Mr Lee started the first company in the group, Progen Pte Ltd, to supply and install air-conditioning systems.

 

Since then, the group has grown to become one of the leading corporations in the industry.

 

In the H1FY20 (ended June 30) financial reports, the group noted that despite the easing of the Circuit Breaker measures and the gradual clearance of the migrant workers to rejoin the workforce by the end of August 2020, it is not likely that the construction industry will recover to the pre-Covid level of operation within this year.

 

To tide through this crisis, the group said that it would also focus on preserving cash by reducing operating expenses where applicable and deferring all non-critical expenditures.