WAI KEE HOLD (00610): Hung Tat Benefits Receives Contract for Jet Grouting Subcontracting Work in Hong Kong.

WAI KEE HOLD (00610) announced that on November 15, 2024, Hangda (a wholly-owned subsidiary of Likai and non-wholly-owned subsidiaries of the company) was awarded the jet grouting subcontracting contract by Hip Hing Hong Kong, with a contract amount of HK$9.796 million before changes and remeasurements. The subcontracting contract involves the jet grouting works for a proposed comprehensive development project at Lot No.6590, New Kowloon Inland Lot at Area 2A of Kai Tak in Kowloon, which Hip Hing Hong Kong intends to undertake. The jet grouting works to be undertaken by Hangda include (i) supply and perform jet grouting, including drilling down to the specified founding level, supplying and injecting approved jet grout, and re-grouting if necessary; (ii) preparing and submitting all grouting records to the engineer/architect appointed for the project; and (iii) assisting Hip Hing Hong Kong (as the main contractor) in material testing and service provision. The jet grouting works aim to improve the underground soil in order to construct underground shopping street tunnels. The announcement states that Hangda is a professional contractor in piling and foundation works, with extensive experience in handling foundation projects involving complex subsoil and engineering design. The jet grouting works under the subcontracting contract fall within Hangda's area of expertise. Given that the works under the subcontracting contract are part of Hangda's usual and daily business processes, and are a core construction business activity carried out by the group through Likai, the directors believe that the jet grouting subcontracting contract can bring more income to the group.