Solel Boneh wins $390m Nigeria road contract

The company will rebuild and widen a road in the Shgamu-Benin area.

Shikun & Binui Holdings Ltd. (TASE: SKBN) unit Solel Boneh International Ltd. has won a $390 million contract from the Nigerian government to widen and pave a road in the Shgamu-Benin area. The company will rebuild and widen the current roadbed and tarmac, and rebuild drainage and water channels. The project will take three years to carry out.

Shikun & Binui also announced that a subsidiary and its partner failed to win a tender published by the Texas Department of Transportation. The company announced its bid in the tender to plan and build sections totaling 60 kilometers of the 290-kilometer State Highway 99, known as the Grand Parkway, encircling greater Houston. The tender would have been worth NIS 1.5 billion over three years. The company added that, under its strategy to expand its international operations, with a focus on the US, it intends to continue considering bidding in projects in the US, provided that they are profitable and that the risks are in line with the company's policy.

Published by Globes [online], Israel business news - - on October 2, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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