Market Update - Box Hill Project
Sydney, Sep 3, 2020 AEST (ABN Newswire) - Ventus Aqua Limited (Ventus Aqua or Company) (NSX:VAQ) provides the below operational update for its engagement in respect of the Panorama Box Hill Apartment Project (Box Hill Project).
The Company has secured a 3-year lease for a warehouse and operational facility in Clayton South to service the Box Hill Project, which is entering its supply and installation phase in mid to late September 2020. In line with the Company's expansion plan outlined in its IPO prospectus, this facility will be the headquarters for the Company's operations in Victoria.
Ventus Aqua's Managing Director, Mr Sunny Chi said: "The current Stage 4 restrictions in response to the COVID-19 situation in Victoria has caused the Box Hill Project construction site to operate with no more than 25% of the usual workforce and this has delayed our progress in the project by several weeks. We are hopeful that state-wide restrictions will ease in the coming weeks as the number of COVID-19 cases continue to decrease."
Keeping in line with its expansion into the Victorian market, the Company has established a facade division, aimed at providing design and glass supply solutions for structural building facades in the residential and commercial market.
The Company also proposes to change its name to "Australia Sunny Glass Group Limited". This change of name will require approval of shareholders at a general meeting. Details of the name change are set out in the Notice of General Meeting released on 24 August 2020.
About Australia Sunny Glass Group Ltd
Australia Sunny Glass Group Limited (NSX:AG1) seeks to establish itself as a supplier of premium treated glass products to the construction industry in Australia, including in the residential and commercial building markets.