• Most Popular
  • Most Shared

S.Korea Kumho signs $4 bln Vietnam construction MOU

Tue Feb 12, 2008 11:55pm EST

Stocks

   

SEOUL, Feb 13 (Reuters) - Kumho Engineering & Construction, a building unit of South Korea's Kumho Industrial Co Ltd (002990.KS) said on Wednesday it had reached a preliminarily agreement for a $4 billion construction project in Vietnam.

The unlisted builder said in a statement that it signed a memorandum of understanding (MOU) with state-run Urban Infrastructure Development Investment (UIDC) Corporation for the project in the south east Asian country.

Kumho Engineering plans to set up a 50-50 joint venture for the development with UIDC in June, company officials said. The company aims to lift this year's sales by 55 percent to 2.5 trillion won ($2.65 billion) from 2007 and to raise orders by 37 percent to 5.7 trillion won.

Shares in Kumho Industrial were up 0.93 percent to 37,950 won as of 0402 GMT, while the broader market was virtually flat. ($1=945.1 Won) (Reporting by Cheon Jong-woo; Editing by Keiron Henderson)



More from Reuters

Photo

U.S.-led climate deal under threat in Copenhagen

COPENHAGEN (Reuters) - U.N. climate talks fell into crisis on Saturday after some developing nations angrily rejected a plan worked out by U.S. President Barack Obama, China and other fast growing economies for fighting global warming. | Video

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review