Wai Kee Arm Forms Joint Venture with Vibro Construction for Integrated Basement Project

MT Newswires Live10-04 19:10

Wai Kee's (HKG:0240) subsidiary Titan signed a deal with Vibro Construction to form a joint venture company, Vibro-Titan JV, a Thursday filing with the Hong Kong bourse stated.

The JV company is expected to enter into a sub-contract with Vibro Construction's associate firm, Vibro HK, for the design and construction of the excavation and lateral support (ELS) works for the integrated basement and underground road in zones 2A, 2B and 2C of the West Kowloon Cultural District in Hong Kong.

Vibro HK will enter into a subcontract with the JV company for a contract sum of HK$2.09 billion and will require the JV parties to carry out the works related to the abovementioned project.

The JV will then sub-contract partial excavation and lateral support works to Titan for a contract sum of HK$610.1 million, while Vibro Construction will take care of its obligations.

The construction company's shares were up over 2% on Friday's close.

Price (HKD): $0.96, Change: $+0.020, Percent Change: +2.13%

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