Jun. 1, 2012 (China Knowledge) - Shanghai Construction Co Ltd<600170>, principally engaged in contracting, design and construction of buildings, industrial production of construction products, said yesterday it had inked a US$248.8 million or RMB 1.57 billion of contract to start a road construction project in Cambodia.

In a statement filed with the Shanghai Stock Exchange, the company said the engineering, procurement and construction (EPC) contract, will not come into effect until Export-Import Bank of China signs an agreement with the Cambodian government.

The 248-kiometer road project will start construction next year and is expected to be completed within 42 months, said a person familiar with the matter, adding that the road will cross three provinces in Cambodia.

In the first quarter of this year, Shanghai Construction reaped RMB 293 million in net profit attributable to shareholders, reflecting a YoY increase of 48.51%, and its earnings per share were RMB 0.25.