SOURCE: Readen Holding Corporation

May 14, 2014 08:45 ET

Readen Holding Corp. Announces Its Subsidiary Readen Construction Limited Entered Into Agreement to Undertake Term Contract From the Hong Kong Government

HILVERSUM, THE NETHERLANDS--(Marketwired - May 14, 2014) - Readen Holding Corp. (OTC Pink: RHCO) (PINKSHEETS: RHCO) is pleased to announce its 100% Hong Kong based subsidiary Readen Construction Limited, entered into agreement to undertake the Term Contract issued by the Hong Kong Architectural Services Department (HKASD, https://www.archsd.gov.hk/en/home.aspx) of the Hong Kong Government.

The Term Contract lasts for 3 years for the period 2014 to 2016, for the Alternations, Additions, Maintenance and Repair of buildings and lands and other properties owned by the Government, in the Wong Tai Sin and Shatin areas of Hong Kong.

Readen Construction Limited is a Licensed Electrical Contractor registered at the Electrical and Mechanical Services Department of Hong Kong (http://www.emsd.gov.hk/emsd/eng/welcome/index.shtml). With its experienced engineering team, together with the excellent job references of electrical installation works provided to the Hong Kong's Public Housing Estates in the previous two years, Readen Construction won the recognition and successfully undertakes the Term Contract.

Under the Term Contract Readen Construction will undertake all the electrical installation works for the Government's building in Wong Tai Sin area, at this moment it is working on the Major Repairs/ Alternations of those Non-Estate Aided Schools' facilities.

The Term Contract will bring in additional turnover of HKD 60,000,000.

Readen Construction has a cost-effective work system which allows it to be distinguish from the competitors. The highly focus on division of labor not only enhances the overall efficiency but also facilitates the cost control, the 24/7 ticketing system and technical oriented approach are also the keys of success.

Readen's management plans to undertake Government's contracts with aggregated contract sum of HKD 120 million in 2014, recently they are in negotiation of another Term Contract from the HKASD as well. The vision of Readen Construction is to create the synergy with the overseas offices in the construction area, including the optic fiber project in the Netherlands and infrastructure project in Turkey.

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