KUALA LUMPUR (Jan 17): BINA PURI HOLDINGS BHD []’s Pakistan subsidiary has inked a concession agreement with the National Highway Authority of that country to build a 136km-long motorway under a build-transfer-operate concept for a contract value of RM864 million .
It said on Tuesday that its subsidiary, Bina Puri Pakistan (Private) Ltd had signed the 28-year concession agreement for the conversion of the existing four-lane Karachi-Hyderabad superhighway into a six-lane motorway.
Bina Puri said the CONSTRUCTION [] cost amounted to RM644 million and that the construction, upgrading and rehabilitation of the motorway is to be completed over 30 months, adding that it expected the groundbreaking to be sometime in March 2012.
“The M-9 highway is the gateway to Pakistan as Karachi is the only port city in the country.
“We are working with our financiers towards achieving the financial close, which is six months from the signing of the concession agreement,” it said.
Bina Puri said its current unbuilt book order stood at RM2.31 billion as at to date.
The company said the contract was not expected to contribute positively to its earnings for the financial year ending Dec 31, 2012.
It said on Tuesday that its subsidiary, Bina Puri Pakistan (Private) Ltd had signed the 28-year concession agreement for the conversion of the existing four-lane Karachi-Hyderabad superhighway into a six-lane motorway.
Bina Puri said the CONSTRUCTION [] cost amounted to RM644 million and that the construction, upgrading and rehabilitation of the motorway is to be completed over 30 months, adding that it expected the groundbreaking to be sometime in March 2012.
“The M-9 highway is the gateway to Pakistan as Karachi is the only port city in the country.
“We are working with our financiers towards achieving the financial close, which is six months from the signing of the concession agreement,” it said.
Bina Puri said its current unbuilt book order stood at RM2.31 billion as at to date.
The company said the contract was not expected to contribute positively to its earnings for the financial year ending Dec 31, 2012.
