Xiangyu Dredging Holdings Limited, the largest privately owned dredging company in China in terms of dredging volume in 2010, is pleased to announce that on 29 June 2011, a wholly-owned subsidiary of the Company entered into a dredging contract with a port construction engineering company in the PRC to provide dredging services in Tianjin Port in the PRC for an aggregate revenue expected to be approximately RMB169.8 million (equivalent to about HK$198.7 million).
From November 2010, Xiangyu Dredging has commenced its capital and reclamation dredging services for the port expansion project in Tianjin Port, the PRC, and this contract represents an addition to the services currently provided by the Group. 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."
