NEW YORK, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced its strategic plans for the procurement and renewal of its fleet. This announcement follows the Company's successful acquisition of new equipment in January 2024 and aims to strengthen its market position through an enhanced range of services.
As part of its commitment to excellence and customer satisfaction, Multi Ways Holdings Limited has entered into a significant purchase agreement with SANY International Development Limited, a renowned global manufacturer of top-tier construction equipment. The newly acquired equipment includes:
- SANY Crawler Crane, Model SCS1500A
- SANY Crawler Crane, Model SCC1000A-5
- SANY Crawler Crane, Model SCC850A-5
- SANY Telescopic Crawler Crane, Model SCC800TB-5
This procurement initiative is a cornerstone of the Company's broader strategy to expand and renew its fleet. By integrating new and used heavy construction equipment, Multi Ways aims to cater to a wider customer base, enhance its service reliability, and solidify its position in the market. The renewal strategy focuses on the fleet's regular upgrades and expansions, driven by customers' feedback across various industries and geographical locations. This approach ensures the company's offerings remain highly relevant and sought after.
Before any acquisition, Multi Ways conducts a thorough market analysis to evaluate the potential value and earnings of the equipment, ensuring investments are strategically sound and aligned with long-term financial goals. Regular reviews of the fleet composition allow the company to adapt to changing customer needs while focusing on reducing operational costs through minimizing repair and maintenance expenses. Older equipment may be sold off to make way for newer models, enhancing the fleet's overall reliability and safety.
Mr. James Lim, Chairman and CEO of Multi Ways, emphasized the strategic importance of these initiatives. “With the construction sector showing robust growth and the initiation of major infrastructure projects across Singapore, expanding and renewing our fleet is critical. This enhances our operational capabilities and positions us advantageously to capitalize on the increasing trend of equipment rentals. The construction demand forecast for 2024, estimated to be between S$32 billion (US$24 billion) and S$38 billion (US$28 billion), with a significant portion coming from the public sector, underscores the timely nature of our investments.”
“This strategic expansion and renewal endeavor position Multi Ways as a forward-thinking leader in the heavy construction equipment sector, ready to meet the challenges and opportunities of a dynamic market landscape. Our fleet renewal strategy centers on providing reliable and efficient service to our customers. By maintaining a modern and versatile fleet, we can better meet the evolving demands of our projects and continue to deliver exceptional value to our stakeholders,” concluded Mr. Lim.
About Multi Ways Holdings Limited
Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
Commemorating the agreement is a representative from SANY International Development Limited and Mr. James Lim, Chairman and CEO of Multi Ways (January 2024)
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4ff38582-03a4-4157-b973-4027a392f4d7
