Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) contracting arm Danya Cebus Ltd. (TASE: DNYA) has won a $43.8 million project from sister company AFI Development plc (LSE:AFID) to carry out finishing work on its flagship Mall of Russia in Moscow.
Danya Cebus will be the chief contractor on the work. It will install flooring, tiles, insulation, sealing, and rails. It will also carry out various concrete work and engineering installations such as electricity, air conditioning, water supply for consumption and fire fighting and connect these systems to the municipal grids and networks.
The Mall of Russia is scheduled to open in September 2010. The 179,423-square meter mall has 114,200 square meters of leasable space. It is the core of Africa-Israel's 3.6 million square meter ‘Moscow City' International Business Center office, commercial, and hotel project.
Danya Cebus will receive a 30% down payment for the work when the final contract is signed. It will receive the rest in monthly payments within 30 days of submitting invoices.
Danya Cebus' share rose 5% by midday to NIS 18.63, giving a market cap of NIS 500 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2010
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