Multi Ways Holdings Secures $17.6 Million Leasing Deal with Singapore's Ministry of Defence, Strengthening its Growth Prospects

SINGAPORE, June 14, 2024 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited ("Multi Ways" or the "Company") (NYSE:MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced a breakthrough equipment leasing agreement with the Ministry of Defence of Singapore.

The agreement, worth US$17.6 million, is for leasing advanced machinery and equipment tailored to meet the specific needs of Singapore's Ministry of Defence. The heavy construction equipment provided under this deal was selected for its cutting-edge technology and reliability, highlighting the versatility and quality of Multi Ways' fleet.

Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways, commented: "Our agreement with Singapore's Ministry of Defence is a testament to Multi Ways' capabilities in fulfilling the stringent requirements of Singapore's government. It's a major accomplishment and a point of pride for us to gain the confidence of such a critical national agency. We hope this sets a foundation for future agreements with government entities, potentially opening doors to new opportunities within and outside of Singapore."

"We are honored to be entrusted by the Ministry of Defence, Singapore, with this significant leasing agreement," said Nick Tan, COO of Multi Ways. "This contract not only boosts our financial outlook but also validates our strategic focus on delivering unparalleled equipment solutions. As we expand our market presence, this deal exemplifies our ability to secure and execute large-scale contracts, reinforcing our reputation as a leader in the equipment leasing industry. We are committed to leveraging this success to drive further growth and enhance shareholder value."

With a robust pipeline of opportunities and a strong balance sheet, Multi Ways is well-positioned to capitalize on the growing demand for heavy machinery and equipment solutions. We are dedicated to continuing our path of innovation and excellence, ensuring sustainable growth and long-term value for our stakeholders.

As Multi Ways continues to excel in delivering high-quality and reliable equipment solutions, this deal marks a key milestone in expanding into sectors requiring the highest operational excellence. The Company is committed to continuing its track record of excellence and looks forward to supporting the Ministry of Defence in its operations.

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.

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