16th Jun 2005 07:00
AMEC PLC16 June 2005 AMEC plc16 June 2005 AMEC finalises arrangements for US$1.4bn Incheon Bridge PPP development in SouthKorea AMEC plc, the international project management and services company, announcesthe agreement to fund and start of works on the US$1.4 billion (£800 million)Incheon Bridge development in South Korea. Financial close and draw down underthe Credit Facilities Agreement will take place before the end of June 2005.The project, to finance, design, build, maintain and operate one of the world'slongest bridges, gives AMEC a long-term income stream from the projectmanagement of the construction phase and an initial contract to operate andmaintain the bridge for seven years, in addition to an attractive return on itsequity investment. Samsung Corporation Joint Venture has taken responsibility for the design andconstruction of the works, which commence immediately and are scheduled forcompletion in 2009. AMEC's equity investment will total $38 million, representing a 23% interest inKoda, the AMEC-led special purpose company which agreed the 30-year concessionwith the South Korean Ministry of Construction and Transportation. The remainingequity and debt is being provided by a consortium of Korean Banks led by KookminBank and IBK of Korea. "We are delighted that AMEC has been able to bring together its expertise in PPPand its ability to manage and operate projects overseas to deliver this landmarkdevelopment," said Sir Peter Mason, Chief Executive of AMEC. "It will provideAMEC with multiple income streams and an attractive return on investment, inaddition to positioning AMEC to benefit as more governments examine the best wayto provide public infrastructure and services." Enquiries to: AMEC plc + 44 (0)20 7634 0000 Analysts/Investors:Neil Jamieson, Director of Investor Relations Media:Juliet Sychrava, Director of Corporate CommunicationsCharles Reynolds, Head of Media Relations About Incheon Bridge:The 12.3 kilometre Incheon Bridge with a main span of 800 metres, will be one ofthe world's longest spanning cable stayed bridges. It will link the newstate-of-the-art international airport situated on Yongjong Island with theSongdo New Town economic development zone located south-west of Seoul in IncheonMetropolitan City. The bridge will support three lanes of traffic in eachdirection and includes a mixed manual/electronic-tolling plaza on the islandside of the bridge. About AMEC: AMEC plc is an international project management and services company thatdesigns, delivers and supports infrastructure assets for customers worldwideacross the public and private sectors. AMEC employs 44,000 people in more than40 countries, generating annual turnover of around £5 billion. AMEC's sharesare traded on the London Stock Exchange where the company is listed in theSupport Services sector (LSE: AMEC.L). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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