|
| 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]
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2026 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
Latest Press Releases
Radisson Announces Results of its Annual and Special Meeting of Shareholders
June 12, 2026 14:00 HKT/SGT
|
|
|
GA-ASI and INTEC Group Sign MOU at ILA Berlin
June 11, 2026 23:00 HKT/SGT
|
|
|
KEYTOP Passes Hong Kong Stock Exchange Listing Hearing, Set to Become Hong Kong's First AI Parking Stock
June 11, 2026 19:30 HKT/SGT
|
|
|
U.S. Polo Assn. Palm Beaches Marathon Celebrates America's 250th, Adds $17,000 in Prize Money as it Returns December 12-13, 2026
June 11, 2026 19:00 HKT/SGT
|
|
|
HKTDC Leads Hong Kong Designers to Paris
June 11, 2026 18:58 HKT/SGT
|
|
|
Central Asia visit momentum continues as Alatau City investment promotion event held in Hong Kong
June 11, 2026 18:26 HKT/SGT
|
|
|
Shangri-La Group Presents 'Dragonbeat' at the Shangri-La Stanley International Dragon Boat Championships 
June 11, 2026 14:05 HKT/SGT
|
|
|
Gold Basin Resources Announces Completion of Arrangement with CANEX
June 11, 2026 08:30 HKT/SGT
|
|
|
Mitsubishi Motors to Launch All-New Eclipse Sportback EV in the United States and Canada
Wednesday, June 10, 2026 10:15:00 PM
|
|
|
Bosch Home Comfort Group and Hitachi Group agree to collaborate on Intelligent connectivity and diagnosis solutions for Commercial Air Conditioning based on "HMAX for Buildings"
Wednesday, June 10, 2026 9:47:00 PM
|
|
|
|
|
More Press release >> |
|
 |
|
 |
|
