Wai Hung Group Holdings Limited (Wai Hung” or the “Group”) has announced 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”). 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 Middle East 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.”