Who is OKP?

OKP Holdings Limited is a company listed on Singapore Exchange. While the company also dabbles with property development and investments, their primary business remains public sector infrastructure construction and civil engineering.
How has OKP performed?
 
Source: Yahoo Finance

 

OKP’s share price has performed admirably in the past 2 years, surging 126% from S$0.19 to S$0.43 before the fall in share price after the incident.
Indeed, the investment thesis for OKP was rather straightforward. Singapore’s infrastructure demands are growing steadily and firms that win tender do not have to worry about receivables. When we consider OKP’s reputable history of garnering these public infrastructure projects at very fair margins, there appeared to be little worth worrying about.
What happened?
OKP was awarded a S$94.6M project to construct a viaduct from Tampines Expressway (“TPE”) to the Pan Island Expressway (Westbound) and Upper Changi Road East in November …