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China Wuyi wins bid for Kenya highway project

Published: 05 Oct 2008 17:34:44 PST

Sep. 29, 2008 (China Knowledge) - China Wuyi Co Ltd<000797>, a Fujian-based real estate developer, has won the bid for a highway project in Kenya, sources reported.

According to the company's statement filed with the Shenzhen Stock Exchange on Friday, it will be responsible of the expansion and improvement of the first section of the highway project connecting two cities in Kenya, with the bid price of 8.03 trillion Kenya schillings (about RMB 746 million). The project is expected to be completed within 30 months.

The company has to present the bank performance guarantee of 466.84 million shillings (RMB 43.37 million) prior to the signing of the contract.

This project is expected to contribute RMB 50 million to the company's total revenue from 2008 to 2011. The progress of the project will be revealed in time.

China Wuyi Co., Ltd mainly engages in developing and selling real estate; contracting and undertaking survey; designing and decorating activities for construction projects both at home and abroad.


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