Multi Ways Holdings Limited (NYSE American: MWG) secured approximately 149,000 square feet of additional industrial space in Singapore to support its expansion into hybrid and electric construction equipment.

The expansion includes 69,460 square feet of industrial space leased during the first quarter of 2026 across two facilities. The company secured 3,450 square meters under a three-year lease and 3,003 square meters under a one-year lease.

Multi Ways also obtained a separate facility with over 80,000 square feet of warehouse and yard space under a five-year lease beginning April 15, 2026. The monthly rental for this facility is S$108,800, approximately $80,000 at current exchange rates.

The company plans to use the space for storage and staging of expanded equipment inventory, dedicated capacity for hybrid and electric machinery, maintenance operations, and increased rental and sales volumes.

"Demand patterns in construction equipment have shifted — customers want cleaner, lower-operating-cost machines, and they want them in markets where project pipelines are accelerating," said James Lim, Chairman and Chief Executive Officer.

Multi Ways cited elevated oil prices affecting demand for diesel-powered machinery and a slowdown in Middle East operations as factors driving the Singapore expansion. The company supplies construction equipment for sale and rental in Singapore and surrounding regions including Australia, the UAE, the Maldives, Indonesia, and the Philippines.

The expansion positions the company closer to customers in Singapore and the ASEAN region where it expects demand for hybrid and electric equipment to drive revenue growth.