Kardan NV (TASE: KRNV;AEX:KARD) water projects subsidiary Tahal International Group BV has closed a €83 million ($110 million) contract with Ghana Water Company Ltd. Tahal will plan, build, upgrade, and expand drinking water systems in three regions northwest of the capital, Accra.
Tahal expects the project to take three years to complete. The company has received a €13.3 million ($18 million) down payment.
This is Tahal's third project in Ghana. In the other projects, Tahal is rehabilitating and expanding water supply systems for €55 million altogether. Work on the projects began in the third quarter of 2009 and are due to be completed by mid-2012.
Kardan's share price fell 0.1% at the opening in Amsterdam today to €3.94. The share price fell 1% in early trading on the TASE today to NIS 19, giving a market cap of NIS 2.15 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2010
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