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Addvalue to provide communication solutions with HK firm in China-Pakistan project
ADDVALUE Technologies said on Monday that its wholly owned unit Addvalue Innovation Pte Ltd has entered into a memorandum of understanding (MOU) on Oct 23 with China International Security Solution Corporation Limited (CSS) to jointly develop and supply satellite communication-based solutions, products and services to meet the communication needs associated with the China-led "One Belt One Road" initiative.
The "One Belt One Road" initiative comprises the land-based new Silk Road economic belt and the ocean-going "21st Century Maritime Silk Road" with six economic corridors. The "China-Pakistan Economic Corridor" (CPEC) project, part of this initiative, aims to connect Gwadar Port in south-western Pakistan to Kashgar of China's north-western autonomous region of Xinjiang via a network of highways, railways, oil and natural gas pipelines and optic fibre networks.
CCS is a company incorporated in Hong Kong, whose primary role is to focus on the construction of the CPEC by providing integrated security services including a variety of advanced communication solutions, with a view to safeguarding the investments and assets as well as the safety of personnel involved.
Addvalue said that its strategic collaboration with CSS under the MOU is expected to forge a win-win partnership between the two companies, with Addvalue being tasked to design and supply the various satellite communication products to meet the complex communication and monitoring demands of CSS.
Both companies shall provide reliable satellite communication solutions and services required by the developers of the infrastructure construction programs in the CPEC project.
Upon the release of this announcement, Addvalue has requested for the trading halt on its shares to be lifted at 10.45am.