Tuesday, January 31, 2023

Djiboutian Spaceport Not Yet a Done Deal

 On 9 January 2023, Hong Kong Aerospace Technology Group Limited signed a MOU with the government of Djibouti and Touchroad International Holdings Group to develop an international commercial spaceport in Djibouti for the launching of satellites.

The MOU contains the following final paragraph: "There is no assurance that the transactions contemplated under the MOU or this announcement will materialize.  Shareholders and potential investors of the Company should note that the development of the Djiboutian Spaceport is subject to, among other things, the entering into of the Formal Contract, the major terms and conditions of which are yet to be agreed upon.  Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company."

Comment: Touchroad is a private company based in Shanghai.  Its chairman and founder is He Liehui.  We met with him at the company headquarters when visiting Shanghai in 2017.  He has been engaged in Africa since 2000 and in Djibouti since 2014.  His first African business venture was in Ghana.