ACCRA, Ghana, Aug. 1, 2024 -- On July 31 (local time), a large batch of LiuGong (000528.SZ) equipment was officially delivered to the Ghanaian government to support The District Road Improvement Programme (DRIP) as part of the local economic development plan. The Ghanaian government held a grand project launch ceremony at Independence Square in Accra. Approximately 3,000 people attended the event, including Ghanaian President Nana Addo Dankwa Akufo-Addo, Mr. Li Yaohong, Commercial Counselor of the Chinese Embassy in Ghana, officials from various Ghanaian government departments, LiuGong Chairman & CEO Zeng Guang'an, and Senior Vice President Luo Guobing.

Address by Mr. Nana Addo Dankwa Akufo-Addo, President of Ghana

"Ghana is at a critical stage of rapid development. To achieve economic takeoff, it is essential to first address the key issue of infrastructure construction. The government's procurement of a thousand units of LiuGong equipment has profound significance for improving transportation conditions in our rural areas and enhancing local livelihoods."

Address by Zeng Guang'an, Chairman & CEO of LiuGong

"LiuGong has been active in Africa since the 1990s through Chinese government aid programs. Today, LiuGong supplies equipment and services to numerous customers and major projects across the continent, with over 30,000 units currently in use. Moreover, LiuGong is committed to public welfare and social sustainability. Last year, we launched the Green Alliance Initiative to support public welfare projects in Africa. This year, our project started in South Africa and is planned to be expanded to other countries, aiming to provide clean water to local residents and lay the foundation for a healthy and sustainable life for African people."

LiuGong has provided a thousand units of a full range of construction machinery for DRIP project. These machines will be distributed to 261 counties in Ghana to aid in local economic and social development. In addition, LiuGong has established a call center and spare parts depot in Ghana and set up 16 regional service centers nationwide, offering 24/7 professional services. These service centers aim to respond quickly to customer needs and ensure efficient operation of the equipment. LiuGong also plans to collaborate with local universities to cultivate engineering machinery talent, further advancing localized operations in Africa.

Additionally, on the day prior to the event, LiuGong Chairman & CEO Zeng Guang'an, Senior Vice President Luo Guobing, and other senior executives were received by Ghana's President Nana Addo Dankwa Akufo-Addo. The two parties engaged in in-depth discussions regarding LiuGong's business development in Ghana and envisioned promising future collaborations. This meeting further solidified the close cooperative relationship between LiuGong and the Ghanaian government.

In the future, LiuGong will continue to increase investment in the African market, establishing subsidiaries and offices in key countries, deepening relationships with local partners, and building a comprehensive distribution network to contribute more significantly to Africa's modernization process.

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