Disclaimer: This press release contains some forward-looking statements. These are based on current expectations, estimates, projections, beliefs and assumptions of Pico about its businesses and the markets that it operates in. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and depend on a number of factors beyond Pico's control. Therefore, actual outcomes and returns may differ materially from what is expressed or forecasted in such forward-looking statements. We caution readers not to place undue reliance on the expectations expressed in such forward-looking statements.
Pico Far East Holdings Limited ("Pico" or "the Group", SEHK: 0752), a global Total Brand Activation company, announced today that its subsidiary, Pico International Services Ltd. and its partner, Long Yuan Construction Group Co. Ltd. (“Long Yuan”) have been named the preferred bidder for a Public Private Partnership (“PPP”) contract for the construction, financing and management of the proposed Jinjiang International Convention and Exhibition Center (the “Jinjiang CEC”) in China’s Fujian Province. This is the first time in China that the financing, construction and management of a convention and exhibition centre, the entire package, has been awarded under a PPP contract.
Upon successfully entering into a formal contract, Pico will be responsible for managing the Jinjiang CEC, while Long Yuan will handle all construction work and arrange financing for the construction. The construction is expected to be completed by the end of 2017. Pico and Long Yuan are finalising the terms of the contract with the Jinjiang municipal government, with a 12-year PPP contract expected to be signed and new joint venture company formed by December 2015.
The Jinjiang CEC will occupy a site area of approximately 125,000 sq. m. and is expected to have a built-up area of about 82,500 sq. m., with a net convention and exhibition space of about 50,000 sq. m.
Pico has a proven track record in providing a wide range of facility management and operations management services, including hosting and co-organising conferences, exhibitions and events, as well as venue operations, facility rentals and other ancillary services.
The exhibition industry is growing rapidly in China and Pico is in a strong position to build on the synergy and business opportunities which will arise from the Jinjiang CEC. The Group is dedicated to and looking forward to providing professional management services to the Jinjiang CEC. Our services will allow major players in the region’s manufacturing industries, particularly sportswear and shoe manufacturers, to showcase their products to the world through this brand-new exhibition platform.
