July 10, 2009 / 7:52 AM / 9 years ago

UPDATE 1-Punj Lloyd shares rise on $1.2 bln Libya deal

* Contracts from firm linked to Libyan government

* Punj Lloyd has strategy of expanding in North Africa

* Punj Lloyd shares gain 4 pct

(Adds details)

SINGAPORE, July 10 (Reuters) - Shares of Indian engineering and construction firm Punj Lloyd (PUJL.BO) rose by as much as 4.6 percent on Friday after its Singapore unit said it clinched three deals in Libya worth over $1.2 billion.

Around 0742 GMT, the shares were up 3.7 percent at 193.2 rupees.

Sembawang Engineers & Constructors, Punj Lloyd’s Singapore unit, said the contracts are for the construction of a luxurious villa resort located on the Mediterranean Coast adjacent to Tripoli’s domestic airport; a 150-room all suites hotel; and a mixed development comprising residences, a hotel, sports facilities and a conference hall in the Libyan capital.

The contracts were awarded by a firm linked to the Libyan government.

Punj Lloyd Chairman Atul Punj said in a statement that Sembawang’s contract wins tied in with the firm’s strategy of expanding into North Africa.

“Libya has excellent prospects as it is undergoing brisk economic growth and the country is currently in the midst of executing a vast national plan for infrastructure and public works development,” he added.

Sembawang said the villa project will be ready in 2012, while the other two are scheduled for completion in 2011. (Reporting by Kevin Lim; Editing by Lincoln Feast)

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