|
| Tuesday, 9 March 2021, 15:29 HKT/SGT | |
| |
|
|
|
HONG KONG, Mar 9, 2021 - (ACN Newswire) - Wai Hung Group Holdings Limited ("Wai Hung" or the "Group") (stock code: 3321) is pleased to announce that Wai Hung Hong Construction Engineering Limited ("WHHCE"), an indirect wholly-owned subsidiary of the Company, entered into a Cooperation Agreement with Investment Projects General Trading Company ("IPGT") today. The Group intends to build facilities for approximately 1 million smart parking spaces and provide relevant construction services for the proposed urban property project in the MiddleEast Countries to be developed with IPGT (the "Middle East Project"). The parties shall not cooperate with any third party in providing artificial intelligence garage system in the MiddleEast Countries within the term of the Cooperation Agreement (i.e. 5 years).
IPGT is a company incorporated in the State of Kuwait, which is principally engaged in the business of infrastructure and high-tech products and systems in the Middle East. The shareholders and key member of the management of IPGT include Sheikh Ali Khalifa Al-Sabah ("Sheikh Ali"), a member of Kuwait's royal family who served as the finance minister and oil minister of Kuwait and the chairman of the Organization of the Petroleum Exporting Countries and has substantial business resources in the Middle East.
Mr. Li Kam Hung, Chairman of Wai Hung Group Holdings Limited, said, "The cooperation between the Group and IPGT is to aim at fulfilling a long-term objective in building facilities for approximately 1 million smart parking spaces in nine countries in the MiddleEast Countries, i.e., the six countries in the Gulf Cooperation Council (namely, Saudi Arabia, Qatar, Kuwait, Bahrain, Oman, and the United Arab Emirates), Egypt, Iraq and Jordan. The total contract sum of the Middle East Project, if materialised fully, could reach over HK$100 billion. The Board is of the view that such cooperation with IPGT will further diversify the Group's business scope and source of income as a whole. It may also facilitate cooperation between the Company and major enterprises in Japan, Korea and China that are interested in infrastructure projects in the Middle East. The Group is expected to establish a leading position in the industry upon completion of the project."
About Wai Hung Group Holdings Limited (Stock Code: 3321)
Wai Hung Group is a contractor providing fitting-out services and repair and maintenance services in Macau. The Group's fitting-out services primarily cover refitting works for existing buildings and extend to casinos, retail areas, hotels, restaurants, commercial properties and residential properties. The Group has developed smart garages since September 2020 to diversify its businesses.
Topic: Press release summary
Sectors: Real Estate & REIT, Daily News, Construct, Engineering, Artificial Intel [AI]
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| |
Latest Press Releases
Wear the Speed, Live the Convenience: Tappy Technologies Powers the Launch of High Performance Payment Bands in Collaboration with First Abu Dhabi Bank and Mastercard
Dec 5, 2025 18:53 HKT/SGT
|
|
|
Leapfrog Acquisition Corp Announces Pricing of $125,000,000 Initial Public Offering
Dec 5, 2025 17:50 HKT/SGT
|
|
|
Business of IP Asia (BIP Asia) Forum and Entrepreneur Day open today
Dec 5, 2025 15:41 HKT/SGT
|
|
|
Doubleview Extends High-Grade Domains at Hat: H099 Returns 438m of 0.40% CuEq Including 52m of 1.02% CuEq, Expanding Mineralization Envelope Around Conceptual Pit Vertically and Laterally
Dec 4, 2025 21:59 HKT/SGT
|
|
|
CaoCao Unveils '100 Cities, 100 Billion in 10 Years' Robotaxi Strategy, Officially Launches World's First 'Green Intelligent Mobility Hub'
Dec 4, 2025 21:00 HKT/SGT
|
|
|
The Gourmet's Guide: Using Your TravelKon eSIM to Hunt for Japan's Best Ramen, Sushi, and Street Food
Dec 4, 2025 17:45 HKT/SGT
|
|
|
Spritzer Celebrates Global and Regional Brand Excellence 2025
Dec 4, 2025 12:45 HKT/SGT
|
|
|
Oman's 10-Year Golden Residency Program Attracts Global Investors Seeking Stability and Long-Term Access
Dec 4, 2025 07:00 HKT/SGT
|
|
|
OMP's AI-driven Unison Planning(TM) Platform Enhances Supply Chain Agility for McCormick & Co.
Dec 3, 2025 22:00 HKT/SGT
|
|
|
The 26th Hong Kong Forum marks successful completion
Wednesday, December 3, 2025 9:44:00 PM
|
|
|
|
|
More Press release >> |
|
|
|
