CHAL.L Share News (CHAL)

LONDON (Alliance News) - Challenger Acquisitions Ltd on Thursday said it has made progress with a number of project developments across its global portfolio.

Challenger designs and builds giant observation wheels, for which it has a pipeline of 25 worldwide, planning to add one new major project per year.

In Europe, Challenger said it is in the process of securing one site and has identified a second development opportunity in another city. Three other developers in separate cities have also requested project management support, for which Challenger has sent bids.

In Asia, positive progress is being made by the developer in Jakarta, Indonesia, in securing financing for the project. Challenger is also supporting developers in two cities outside of China and three cities inside China, one of which has the potential for an equity stake for Challenger.

In the Middle East, project management bids have been sent to three cities, while another developer is now paying for an initial feasibility study and design.

Finally, in the Americas, Challenger is supporting developers for several cities in the US, Canada and South America, with the potential for several new projects. Challenger has a 3% equity interest in the USD500 million New York Wheel project.

"This is a transformational time for Challenger. We are currently at various stages of discussion with regards to multiple GOW opportunities in our four chosen regions of the world, Europe, Asia, the Middle East and the Americas. With strategic regional offices located in these areas to support our active growth strategy, and as a result of the hard work over many years by our global team, we are very confident that at least one new GOW project from our pipeline of 25 projects will commence each year," Chief Executive Mark Gustafson said in a statement.

Shares in Challenger were trading up 2.9% at 35.00 pence on Thursday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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