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China Railway Const. secures US$1.45-bln contract in Africa

Feb. 16, 2012 (China Knowledge) - China Railway Construction Corp Ltd<601186><1186> said a subsidiary has acquired two communication infrastructure construction projects in Africa with a combined contract value of US$1.45 billion or RMB 9.1 billion, according to a statement filed with the Shanghai Stock Exchange.  

The value of the two projects, located in Nigeria and Djibouti, account for 1.94% of the Chinese contractor's operating revenue in 2010 under China Accounting Standards.

The 14.8-kilometer expressway Nigerian project is expected to be completed in three years, while the railway project in Djibouti is valued at US$505 million and would be completed in 60 months.  

The two contracts followed a RMB 7.5 billion-contract China Railway Construction secured in Ethiopia at the end of last year to further expand its overseas market.

At present, the Shanghai and Hong Kong-listed firm owns 269 overseas projects, principally in undeveloped regions of Asia and Africa.

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