Danya Cebus loses 4 Moscow projects, wins 2 in Bucharest

The two new contracts for Africa-Israel construction arm are worth €45.5 million altogether.

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) contracting subsidiary Danya Cebus Ltd. (TASE: DNYA) today announced that it lost four projects in Moscow, but won two projects in Bucharest.

In Moscow, Russian Investment Group cancelled the planning contract with Danya Cebus subsidiary Danya Cebus Rus Ltd. for four projects in the Moscow area. Danya Cebus declined to state the size of the deal, but said that its exposure was immaterial.

In Bucharest, a Danya Cebus subsidiary will build to residential projects. The first project is the construction of six 11-storey buildings with 489 apartments for Adama Holding Ltd. (TASE:ADMA.B1) subsidiary Gila Investment srl for a total of €31.2 million. The project will be built in two stages, the first will take 22 months from the date of the work order and the second will take 24 months.

In the second project, Danya Cebus will build six six-storey buildings with 156 apartments for Confidential Business srl, a joint venture of Profit Construction Industries Ltd. (TASE: PROB) and New Horizon Group Ltd. (TASE:NERZ), for €14.25 million. Construction is due to take 20 months from the date of the work order.

Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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