Ho Bee Land sets up S$1.3m Covid-19 fund to help smaller charities, social enterprises

MAINBOARD-LISTED Ho Bee Land has set up a S$1.3 million Covid-19 support fund to assist smaller charities and social enterprises during the pandemic, it said on Wednesday.

The company has pledged S$1 million to the fund, while its board of directors and senior management have pledged S$300,000.

Ho Bee Land's philanthropic arm, the Ho Bee Foundation, will channel these funds to beneficiaries to help them bridge and support their funding requirements and enable them to carry on working amid the crisis.

The developer said it has been actively reaching out to smaller charities and social enterprises over the past two weeks, to identify their funding gaps.

Shares of Ho Bee Land were trading at S$2.08 as at 9.15am after the announcement, down S$0.05 or 2.4 per cent.