Subject to the execution of all phases of construction works as stated in the contract, the aggregate contract sum is expected to be in the region of HK$320 million (including all contingent and/or provisional contract amounts) and the contract is expected to be completed in 2017 or earlier.
Moreover, to facilitate its expansion, the Group's indirect wholly-owned subsidiary - Sam Woo Engineering Equipment limited ("SWEE"), which is principally engaged in the leasing of machinery and equipment in Hong Kong, has entered into a memorandum of understanding with a potential supplier on 23 March 2015 for the procurement of foundation related equipment at the aggregate consideration of approximately EUR15,600,000 (approximately HK$131.1 million). The equipment is intended to be deployed in construction projects by the Group.
Mr. Lau Chun Ming, Chairman and Executive Director of Sam Woo said, "We are glad with the award of the construction contract for the Wong Tai Sin development project. With established reputation and solid experience in the industry, we are confident that more exciting new projects will be on the way. The purchase of the equipment will enhance the construction capacity and efficiency of Sam Woo, allowing us to be well prepared for the upcoming large scaled projects."
About Sam Woo Construction Group Limited
Sam Woo Construction Group Limited is an established contractor with over 20 years of experience in the Hong Kong foundation industry, principally engaged in the provision of foundation workds and ancillary services. The Group was listed in the main board of Stock Exchange in Hong Kong in October 2014 and is principally engaged in the provision of (i) foundation works, including the construction of bored piles, rock socketed H-piles and excavation and lateral support works; and (ii) ancillary services, including site investigation and removal of installed piles. It ranked second in foundation contracting work companies in Macau in 2013 with a market share of approximately 8.9% according to the Ipsos report. Visit Sam Woo at http://www.samwoo-group.com/
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