Summary by Moomoo AI
Intercontinental Aerospace Technology Group Limited (USPACE TECH) announced on February 1, 2024 that its indirect non-wholly owned subsidiaries Aspace Saudi, Aspace HK and Masarrah Investment Company have entered into a joint venture to promote the satellite manufacturing business in the Kingdom of Saudi Arabia. This cooperation is considered to be a priority area of the Saudi Vision 2030 government programme. Under the agreement, Aspace HK has a shareholding ratio of 85:15. and the investors are expected to assist in the construction of satellite manufacturing facilities and business operations. Masarrah Investment Company, the parent company of Almutlaq Group, has been involved in Saudi economic development since 1954. The joint venture will help the Intercontinental Aerospace Technology Group expand its satellite manufacturing and launch business and is expected to improve return on shareholders' investment while not impacting the independence of the Group's business. Financial advisor Canaccord Genuity Dubai Ltd provides transaction advice.