Gaofeng Group Holdings (02863) announced that it is participating in the M + Museum Construction Project of the West Kowloon Cultural District in Hong Kong as the subcontractor of the Xinchang Construction Plant, one of the most important projects for the two financial years ending in late September next year .
The Cultural District Authority of West Kowloon has previously announced the termination of the employment of the Hsin Chong Construction Works. If the subcontracting is terminated, the trade receivables of the company and the recovery of the retention fee can be negatively affected. It is therefore likely that the revenue and profit and the total total result will decrease during the year ending September this year.
Since the West Kowloon Authority has also announced a number of measures, including discussions with the subcontractors on the M + project, and intends to stabilize all subcontractors in the form of replacement contracts, it will urgently launch a restrictive call for tender to project project managers. to take over the contract The project is completed as soon as it is completed, so the financial status of the company may not be affected by the termination of the employment of the Xinchang Construction Plant.