Monday, August 03, 2009
China Railway Parent Gets $7.5 Billion Rail Deal
MarketWatch Pulse
HONG KONG - China Railway Group said late Sunday its parent company, China Railway Engineering Corporation Group, has entered into a $7.5 billion contract to design and construct a railway in Venezuela, according to a statement filed with the Hong Kong Stock Exchange. The contract involves a railway link between the Venezuelan cities Tinaco and Anaco. China Railway Group will act as the contractor under the agreement, which was signed with the Venezuela Railway Authority. No dates were specified as to the start of construction. Shares of China Railway Group were up 3.4% at midday in Hong Kong.
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