Xiangyu Dredging Holdings Limitedis pleased to announce that on 29 June 2011, its wholly-owned subsidiary of the Company entered into adredging contract with a port construction engineering company in the PRC to providedredging services in Tianjin Port in the PRC for an aggregate revenueexpected to be approximatelyRMB169.8 million (equivalent to about HK$198.7 million). From November 2010, Xiangyu Dredging has commenced its capital and reclamationdredging services for the port expansion project in TianjinPort, the PRC, and this contract represents an addition to the servicescurrently provided by theGroup. The contract is expected to commence from August 2011 and to be completed in May 2012. Mr. Liu Kaijin, Executive Director and Chief Executive Officer of Xiangyu Dredging, commented, “The dredging contract demonstrates the continuous growth potential of our business, and enables us to increase market share, competitiveness and reputation in dredging market of the PRC. As the largest private dredging company in China, Xiangyu Dredging will ride on strong client relationship and project pipeline to secure more contracts to capture the growth in the dredging industry. ” |