Shari Arison-controlled Arison Holdings Ltd. subsidiary Shikun u'Binui Holdings Ltd. (TASE: SKBN) today signed a $290 million contract with the Nigerian government.
Shikun u'Binui wholly owned subsidiary Solel Boneh International Ltd. will widen and upgrade the 52-kilometer road between Ibadan and Ilorin in southwest Nigeria. The company will add two lanes to the road and turn it into an expressway. The company expects the project to take four years. The Nigerian government will finance the project.
The Ibadan-Ilorin road is one of Nigeria's main traffic arteries, a part of the road linking the capital, Abuja, with the country's main port and commercial center Lagos. Solel Boneh International completed work on a nearby section of the road in 2009.
Shikun u'Binui's share price 1.1% by mid-afternoon to NIS 7.35, giving a market cap of NIS 2.98 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2010
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