29th Mar 2005 09:12
Balfour Beatty PLC29 March 2005 29 March 2005 GAMMON WINS HK$2.6 BILLION VENETIAN HOTEL CONTRACT IN MACAU =========================================================== Largest ever building contract for Balfour Beatty's Hong Kong business ---------------------------------------------------------------------- Balfour Beatty, the international engineering, construction and services group,announces today that Gammon, the Hong Kong-based engineering and constructioncompany in which Balfour Beatty acquired a 50% interest in August 2004, has beenawarded the HK$2.6 billion (£175 million) contract to construct the VenetianMacao hotel tower in COTAI, Macau (SAR). Gammon, through its Macau company, Gammon Building Construction (Macau) Ltd, inconjunction with Mei Cheong Construction Company Ltd, its Macau Partner, hasbeen appointed the Major Trade Contractor for this project. The project involves a 32-storey tower containing 3,000 guest rooms and suites,with a six-level podium and a total gross area of approximately 350,000 square metres. It is scheduled for completion in 2007. Commenting on the award today, Balfour Beatty Chief Executive, Ian Tyler, said: "Gammon is market leader in Hong Kong for both civil engineering and large-scalebuilding. This success demonstrates the strong basis which we have establishedin South-East Asia with a view to long-term growth and is further evidence ofthe Group's strength in major, complex building works." The project involves the construction of a concrete structural frame, structuralsteel works for the lower floors of the hotel, external facades, waterproofing,lifts and escalators, building services, interior decoration, furniture andfittings. Macau, formerly a Portuguese dependency, became a Special Administrative Regionof the People's Republic of China in December 1999 and is currently attractingsignificant investment in tourism and leisure. ENDS Enquiries to:Tim SharpTel: 020 7216 6884www.balfourbeatty.com Notes to Editors---------------- 1. Gammon is a strong, broadly-based construction group with an overall Hong Kong market share of approximately 10%. Balfour Beatty owns 50%, with Jardine Matheson, Asian market leaders in a number of business fields, owning the other 50%. 2. Gammon's main business is in civil engineering, foundation engineering and major building construction. It also owns a number of smaller businesses which support its main contracting activities. Its principal customers include Hongkong Land, the Swire Group, Kowloon Canton Railway Corporation and the Mass Transit Railway Corporation. 3. Balfour Beatty is a world-class engineering, construction and services group, well positioned in infrastructure markets which offer significant growth potential. Its partnerships with public and private customers generate secure, sustainable income. Its financial position, with significant net cash and with strong operating cash flows, offers continuing flexibility to add additional capacity and expertise to the business mix and to make appropriate investments in PPP and other long-term growth opportunities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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