Hollysys Automation Technologies Announces another Significant Contract Win Valued USD $19.14 Million by Its Singaporean Subsidiary
Hollysys Automation Technologies, Ltd. (MM) (NASDAQ:HOLI)
Historical Stock Chart
2 Years : From Nov 2012 to Nov 2014
BEIJING, Dec. 3, 2012 /PRNewswire-FirstCall/ -- Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, announced today that its wholly owned subsidiary Concord Corporation Pte. Ltd. ("Concord") signed a significant contract with Thales Solutions Asia Pte Ltd ("Thales") to provide design, installation, testing & commission for replacement of existing signaling systems of North-South and East-West lines ("NSEWL") and new signaling systems of Tuas West Extension line (TWEL) in Singapore, the contract is valued at approximately USD $19.14 million.
There will be an optional contract of approximately USD $7.36 million for auxiliary installation, electrification works for the same lines, which is currently under negotiation. The re-signaling project of NSEWL and signaling project of TWEL will be commenced in December 2012, the installation works will be commenced in February 2013 and completed by April 2016.
The re-signaling project is part of Singapore MRT and Land Transport Authorities' plan to improve the public transport system, as growing population and new developments along rail axes have led to the increase of passengers' traffic in the Singapore metro network. The addition of new trains and the enhancement of the signaling system will ease the congestion along the two lines (North-South and East-West lines) especially during peak periods. The two lines combined are more than 100 km long and serve 54 stations.
Dr. Changli Wang, Chairman and CEO of Hollysys, commented: "We are very pleased to announce this contract win and glad to see that Concord is continuously making achievements since its integration into Hollysys. It is Concord's capability, knowledge, strong track record, quality of work and close working relationship with the end customer that lead to this contract win. Going into the future, we believe the combination of Concord's customer base and industry know-how with Hollysys' proprietary technology and products will enable us to make more achievements and pave our way to a broader market space in Southeast Asia and the Middle East in both industrial and rail transportation markets, and continuously create value for our shareholders."
About Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI)
Hollysys Automation Technologies is a leading provider of automation and control technologies and applications in China that enables its diversified industry and utility customers to improve operating safety, reliability, and efficiency. Founded in 1993, Hollysys has approximately 3,500 employees with nationwide presence in over 60 cities in China, with subsidiaries and offices in Singapore, Malaysia, Dubai, India, and serves over 4,000 customers more than 15,000 projects in the industrial, railway, subway & nuclear industries in China, South-East Asia, and the Middle East. Its proprietary technologies are applied in its industrial automation solution suite including DCS (Distributed Control System), PLC (Programmable Logic Controller), RMIS (Real-time Management Information System), HAMS (HolliAS Asset Management System), OTS (Operator Training System), HolliAS BATCH (Batch Application Package), HolliAS APC Suite (Advanced Process Control Package), SIS (Safety Instrumentation System), high-speed railway signaling system of TCC (Train Control Center), ATP (Automatic Train Protection), Subway Supervisory and Control platform, SCADA (Surveillance Control and Data Acquisition), nuclear conventional island automation and control system and other products.
About Concord Corporation Pte. Ltd. and Its Group of Companies
Concord Corporation Pte Ltd. and its group of companies (Concord) is consisted of Concord Corporation Pte Ltd. and Concord Electrical Pte Ltd. incorporated in Singapore, Concord Electrical Sdn Bhd incorporated in Malaysia, and CCPL's Dubai Branch Office in United Arab Emirates. Founded in 1983, Concord engages in providing end-to-end complete electrification related services in rail, power, semiconductor, pharmaceutical, petrochemical, and other industrial sectors, by working with multinational corporations such as Mitsubishi, Alstom, Thales, Bombardier, Siemens, Areva, and ABB. Its complete electrification related services encompass design, engineering, procurement, project management, construction and commissioning, and maintenance. As an established regional electrification service provider in rail industry, Concord has successfully commissioned signaling, power distribution, automatic train control, communication, power rail, and other related electrical engineering and installation works for Red and Green lines of Dubai Metro LRT in United Arab Emirates, Makkah-Holy Sites Rail Line in Kingdom of Saudi Arabia, and Circle Line Stage I, II, IV, V & Kim Chuan Depot and North East Line of MRT System in Singapore. Concord became a wholly-owned subsidiary of Hollysys on a cash and stock transaction closed on July 1, 2011.
For further information, please contact:
Hollysys Automation Technologies, Ltd.
SOURCE Hollysys Automation Technologies, Ltd.