Report of Foreign Issuer (6-k)
May 31 2019 - 3:10PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of May 2019
Commission
File Number 001-38490
HIGHWAY
HOLDINGS LIMITED
(Translation
of Registrant’s Name Into English)
Suite
1801, Level 18
Landmark
North
39
Lung Sum Avenue
Sheung
Shui
New
Territories, Hong Kong
(Address
of Principal Executive Offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒
Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Attached
to this Report on Form 6-K is the press release issued by the registrant on May 28, 2019.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
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HIGHWAY HOLDINGS LIMITED
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Date: May 31, 2019
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By
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/s/ ROLAND W. KOHL
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Roland W. Kohl
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Chief Executive Officer
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NEWS
RELEASE
CONTACT:
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Gary S. Maier
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Maier & Company, Inc.
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(310) 471-1288
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HIGHWAY
HOLDINGS SIGNS 50-YEAR LEASE FOR
MYANMAR
MANUFACTURING COMPLEX
HONG
KONG – May 28, 2019 --
Highway Holdings Limited
(Nasdaq: HIHO)
today announced its Myanmar subsidiary, Kayser
Myanmar Manufacturing Company Ltd., has entered into a 50-year lease agreement for an approximately 6,900 square meter (1.67 acres)
factory estate in Yangon, Myanmar.
Highway
Holding owns an 84% interest in the Myanmar subsidiary. The subsidiary had been operating until December 2018 in a nearby factory
that it rented from another landlord. After a better suited manufacturing estate was identified nearby, it took approximately
one year to complete and obtain official approval and the formal recording of the 50-year lease agreement. In the interim, the
company upgraded and occupied the two existing factory buildings on this new property and constructed another manufacturing building
and a new office complex. Additional details concerning the structure of the terms of the lease agreement are available in the
company’s Form 6-K that was filed with the SEC on May 24, 2019.
All
operations and equipment from the prior Yangon facility have been relocated to the new complex. The company has also transferred
some of its manufacturing equipment and business from its China factory to its new complex in Myanmar. It is also continuing to
relocate additional manufacturing machinery from the company’s factory in China to the new facilities.
“This
long-term lease enables us to realize meaningful cost-savings and a competitive advantage, while maintaining the highest quality
standards for our customers. We are gratified by the support of our customers who have agreed to use our operations in Myanmar
for their manufacturing needs. The current unfavorable environment for manufacturers in China, including the escalating operating
costs and the increasing governmental interference in our daily operations, has for the past few years made it increasingly difficult
to manufacture at prices our customers are willing to pay. Our expanding operations in Myanmar allow us to lower our overall manufacturing
costs, which is expected to help us regain our competitive advantage with existing OEM customers and should enable us to attract
new customers,” said Roland Kohl, chairman, president and chief executive officer of Highway Holdings.
About
Highway Holdings
Highway
Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts
and components to sub-assemblies and finished products. Highway Holdings’ administrative office is in Hong Kong and its
manufacturing facilities are located in Shenzhen in the People’s Republic of China and Yangon, Myanmar.
Except
for the historical information contained herein, the matters discussed in this press release are forward-looking statements which
involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological
factors affecting the company’s revenues, operations, markets, products and prices, and other factors discussed in the company’s
various filings with the Securities and Exchange Commission, including without limitation, the company’s annual reports
on Form 20-F.
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