Baran is in talks on an overseas infrastructure project worth $200 million.
Engineering company Baran Group (TASE: BRAN; Nasdaq: BRANF) may be about to win a $200 million contract. The company, controlled by chairman Meir Dor and Alexander Nesis, announced yesterday that it was in advanced talks with the authorities of an unnamed country on the construction of a significant infrastructure project. The company added that the deal was conditional on approval procedures by government entities in the country concerned, and was subject to the signing of a binding agreement and obtaining finance for the project."
In recent months, Baran, which provides engineering, project management and telecommunications infrastructure services, has been making efforts to expand its international activity, and it has announced several large contracts. These include a follow-on order for constructing telecommunications sites in a South-East Asian country ($12 million), a framework agreement for an infrastructure project in Switzerland (tens of millions of dollars), construction of a control system for a South African railway company (about $8 million), and provision of services, together with partners, to an oil company in Russia (NIS 38 million).
Baran's share price has risen sharply in response to the announcement. The price is up 7.23% this week, but still down 2.96% year-to-date.
Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2014
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