To Design and Build Water Supply Facilities for The World’s 10th Fastest Growing Economy
HONG KONG — Asia Allied Infrastructure Holdings Limited (“Asia Allied Infrastructure” or “the Group”) (stock code: 00711) is pleased to announce that it has, together with two independent third parties, entered into a contract with Manila Water Company, Inc. to design and construct the Novaliches-Balara Aqueduct 4 (the “Project”) in the Philippines.
Mr. Dominic Pang, Chairman of Asia Allied Infrastructure, said, “We are glad to have made our first mark in the Philippines market this year. Supported by strong government spending and construction projects, the Philippines economy has been growing healthily in recent years. Strong inflow of foreign direct investments also added to the country’s development in other sectors such as services and industries. The country’s GDP grew at an impressive 6.5% in the second quarter of 2017, ahead of all South East Asian nations, making it the 10th fastest growing economy in the world in 2017. We look forward to winning more infrastructure and development projects in the country moving forward.”
The water supply project involves the design and construction of water conveying facilities connecting Novaliches and Balara in Quezon City, the Philippines. The value of the contract is approximately 5.4 billion Philippine Pesos (equivalent to approximately HK$800 million), and is expected to be completed in 2021.
Mr. Pang concluded, “The Project represents an important step for tapping ‘Belt and Road’ related opportunities. It will build a solid foundation for us to explore other government related infrastructure opportunities in the Philippines and countries/cities around the region. We are confident that the Project will be executed according to the highest industry standards, which will enable us to further build up our industry reputation in other overseas markets.”