Takes first step toward winning a KRW 2 trillion bid in 2008 after the successful bid (KRW 1.7 trillion) in 2007
Because of an additional successful bid for the government-led project in Libya (KRW 165 billion), Shinhan has reached a total of KRW 1.89 trillion in overseas construction projects since last year.
On April 21, the company announced that it signed an agreement with the Organization for Development of Administrative Center (O.D.A.C) on February 4th for the construction project at Al zawia University and is waiting for the General People´s Committee (GPC) contract number to be issued.
The site of the Al zawia University development project which includes new construction (97,000㎡) of administrative buildings, dormitory, faculty apartments, and lyceum and remodeling (25,000㎡) of current buildings is next to the 5,000 housing units project whose site development and fence operation are more than 90% completed. Therefore, a great reduction in management costs is expected.
The terms of payment for the five government-led projects in Libya are 3:7 in LYD and EUR respectively. An advance payment has already been made and a further advance payment (KRW 125 billion) is scheduled as well.
Congratulating the company on its 40th anniversary, Chairman Choon Hwan Kim said, “We will keep promoting sound and fair business management based on thorough cost reduction and quality control with progressive strategies and vision in order to continue our success story in overseas construction for the upcoming decade. He added, “We will also accelerating domestic development projects such as Cheonan Multi-purpose Railway Station & Shopping Mall and Hoengseong Golf Course.” Because of an in-the-black balance for 7 consecutive years, he exhibited great confidence in the company’s future.
(♣ April 2008)