Aerospace Science and Technology (01725) surged more than 12%. As of press release, it rose 12.43% to HK$2.08, with a turnover of HK$2.21 million.
The Zhitong Finance App learned that Intercontinental Aerospace Technology (01725) surged more than 12%. As of press release, it had risen 12.43% to HK$2.08, with a turnover of HK$2.21 million.
According to the news, Intercontinental Aerospace Science and Technology recently announced that on February 1, 2024, Aspace Saudi Arabia, Aspace HK and investors entered into a joint venture agreement with Aspace Saudi. The Board of Directors and investors are looking forward to this cooperation and are pleased to participate in the introduction of satellite manufacturing into the Kingdom of Saudi Arabia. The work has been identified as a priority area under “Saudi Vision 2030” (a government program launched for the Kingdom of Saudi Arabia, which aims to promote diverse economic, social and cultural development).
The announcement stated that considering the investors' business and strategic relationships in the Kingdom of Saudi Arabia and the work that investors will assist in the construction and operation of the Aspace Saudi satellite manufacturing business, the company believes that the joint venture agreement will enable the Group to carry out satellite manufacturing business in the Kingdom of Saudi Arabia. Therefore, the company believes that the joint venture agreement can complement the Group's business on the one hand, and also enable the Group to benefit from expanding its overseas satellite manufacturing business. As a result, the agreement will expand the Group's future earnings base and is expected to increase shareholders' return on investment.