Addvalue unit bags contract to supply connectivity solutions to Chinese fishing ships

A SUBSIDIARY of Addvalue Technologies will supply satellite-communication solutions to a company with a fleet size of more than 1,000 Chinese fishing vessels, the mainboard-listed firm said on Monday. (see amendment note)

The communications technology products developer bagged a contract with CTTIC Shanghai to supply its Addvalue iFleetONE-VMS Terminal to the ships. The agreement follows an earlier contract signed with CTTIC Shanghai in August 2020 to roll out 100 units of the terminals.

CTTIC Shanghai is a subsidiary of China Transportation and Telecommunications Center, a company under China's Ministry of Transport. Its core businesses are in ICT (information and communication technology), Internet data centres and data technology.

Yu Dongjun, vice-president of CTTIC Shanghai, said Addvalue's terminals will help the fishing fleet to comply with regulatory requirements and transform their operations digitally.

Shares of Addvalue closed unchanged at 2.2 Singapore cents on Friday.

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Amendment note: An earlier version of this story incorrectly stated that Addvalue Technologies will supply satellite communication solutions to more than 1,000 Chinese fishing vessels.