Xiangyu Dredging Holdings Limited announced that the wholly owned subsidiary Jiangsu Xiangyu Port Construction Company Limited has enter into a contractual agreement with Longkou City Nanshan Western Coastline Artificial Island Construction and Development Limited for the provision of reclamation dredging service in connection with a reclamation project at Long Port Development Area of Longkou City.
The estimated total contract sum is approximately RMB250 million. The work site is located at Shandong Province, serving as a supplemental contractual project of the previously signed reclamation project at Long Port Development Area of Longkou City.
The project is expected to be completed by late 2014, with an estimated total contract sum of approximately RMB250 million (equivalent to approximately HK$310 million).
Press Release, October 22, 2012