South Korea’s mid-sized builder Hanshin Construction Co. secured a deal worth 90.9 billion won ($85.3 million) to repair and expand roads cutting through central Cambodia, which is its third project in the Southeast Asian country.
The company in a disclosure filing on Thursday said that it signed a contract with Cambodian Ministry of Public Works and Transport to repair and refurbish existing main road on the 51.2-kilometer Prek Kdam - Thlea Ma’am section of National Road No.5, which connects Cambodia’s capital Phnom Penh to the Thai border.
The project is worth 90.9 billion won and funded by Japan International Cooperation Agency (JICA), Japanese government agency that leads official development assistance (ODA) projects.
The latest deal is the Korean builder’s third construction project in Cambodia. In 2015, it won an economic development cooperation fund (EDCF) project to refurbish Cambodia’s National Road No. 21, and another EDCF project in 2016.
The company made its first step into Southeast Asian construction market in 2004 by landing on a project in Hanoi, Vietnam and has been expanding its presence in the region since then. It plans to seek new business opportunities in Laos, Bangladeshi, and the Philippines in the near future.
At 2:00 p.m. Friday, shares of Hanshin Construction were at 23,100 won, up 0.87 percent from the previous session.
By Chu Dong-hun and Cho Jeehyun
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