30 November 2019-OxleyGem (Cambodia) Co.,Ltd,(“OxleyGem”) being the developer of The Peak Hotel mixed development Project (“Project”) located at SamDachHunSen Road, TonleBassac Commune,Chamkarmorn District,Phnom Penh City,has confirmed the appointment of China Railway Urban Construction Group Co.,Ltd(“CRUCG”) to take over the existing construction of the project.
CRUCG is awholly-owned subsidiary of China Railway Construction Corporation Limited (“CRCC”); a super large State owned construction enterprise listed in Shanghai and Hong Kong in 2008 (A-share code 601186,H-share code 1186).In 2018,it was ranked 58th position among the Fortune 500 and the top three of the world's largest 250 engineering companies for 11 consecutive years.CRUCG specializes in housing construction projects and has rich experience in general contracting of super high-rise building sand super large urban complex construction. For more details, please refer to http://crucg.crcc.cn.
Currently,Oxley Gem is working closely with the previous Main Contractor Sino Great Wall International Engineering Co.,Ltd(“SINO”) on the final phase of hand over process in order for CRUCG to takeover smoothly by next Friday 6 December 2019.Construction works shall resume as per normal thereafter.
On be half of the Company and all stake holders involved in the Peak,we wish to assure that the projected completion date of this Project will not in any way be affected by this termination of SINO and replacement of main contractor.