HONG KONG, Sept. 25, 2019 /PRNewswire/ -- Asiaray Media Group Limited ("Asiaray" or the "Group"; stock code: 1993), a leading out-of-home ("OOH") media company with a strategic focus on airport and metro line advertising, has, via its indirectly wholly-owned subsidiary Asiaray Connect Singapore, signed the Singapore MRT Thomson-East Coast Line (TEL) Concession Agreement with the Land Transport Authority of Singapore ("Singapore LTA"), making it the advertising non-fare operator for the Singapore MRT TEL. The agreement provides the Group with its first business foothold outside the Greater China Region and extends its presence along the Belt and Road to the Lion City.
Mr. Vincent Lam, Chairman and Executive Director of Asiaray, said, "After more than two decades' hard work, Asiaray has built a rock-solid foundation in the Greater China Region with a business network covering close to 40 cities. But we want more, which is why we have kept looking for suitable opportunities to take our business overseas. Continuing our success last year, winning exclusive concession rights to media resources of two national projects, namely the Hong Kong-Zhuhai-Macau Bridge (Macau-Zhuhai Port) and High Speed Railway (Hong Kong Section), we are deeply honored to have earned the trust of the Land Transport Authority of Singapore, which has granted us a 16-year concession right for advertising on the metro line. This latest win is not only the first the Group has scored outside Greater China, but has also given us an important cornerstone to develop overseas markets along the Belt and Road.
"We believe that by leveraging the Singapore MRT TEL Concession Agreement, we can strengthen our niche and grasp opportunities in the OOH media market in Southeast Asia, plus have the chance to promote our unique 'Space Management' approach, large media resources network and capability to seamlessly integrate online and offline ("O&O") solutions in delivering OOH advertising. We will continue to explore other business opportunities and strive to strengthen Asiaray's leadership in the Greater China market so that we may maximize returns to shareholders."
Pursuant to the agreement, the exclusive concession right granted to Asiaray will be effective December 2019 for a period of 16 years, covering the exclusive right, license and authority to operate, manage, maintain and sell certain advertising resources at TEL, the sixth rail line within Singapore's MRT network. The new 43 km fully automated underground rail line will open in five stages between 2019 and 2024. When fully operational, this rail line will have 32 stations in the Northern, Southern and Eastern regions of Singapore, eight of which will interchange with existing MRT rail lines. TEL is expected to serve about 500,000 commuters daily in the early stage of operation and about a million commuters daily in the long term.
About Asiaray Media Group Limited (stock code: 1993.HK)
Established in 1993, Asiaray is a leading out-of-home media company in Greater China with a strategic focus on airport and metro line advertising. Currently, the Group's business network covers 39 cities in Greater China with media resources at over 35 airports (including exclusive concession rights at 30 airports and Sanya Phoenix International Airport Terminal 2, Hainan) and has exclusive concession rights to mainstream media resources of 19 metro lines in Greater China, the High Speed Rail (Hong Kong Section) and the Hong Kong-Zhuhai-Macao Bridge (Zhuhai-Macao Port). And the Group has been appointed as the advertising non-fare operator for the Singapore MRT Thomson-East Coast Line (TEL) in 2019.
Asiaray is also committed to invest in corporate social responsibility and environmental protection initiatives. The Company has been awarded the "Outstanding Import and Export Enterprise Award - Innovation Excellence Award" in 2018; received "Hong Kong Awards for Environmental Excellence (HKAEE)" and named as a "Hong Kong Green Organisation" for three consecutive years from 2016 to 2018; and also has been named as a "Caring Company" for tenth consecutive year .
For more details about Asiaray, please visit its official website: www.asiaray.com or follow the Group's Wechat (ID: asiaray_airport).
SOURCE Asiaray Media Group Limited