Skanska to Own, Operate and Develop One of Southern Africa's Most Important Ports; Provides Construction Project Valued At Approximately SEK 210 M.Business Editors
STOCKHOLM Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. , Sweden--(BUSINESS WIRE)--Sept. 25, 2000
Skanska Skanska, is a multinational construction and development company based in Sweden. Aktiebolaget Skånska Cementgjuteriet was established in 1887 and started by manufacturing concrete products. continues its focus on privately financed infrastructure projects.
The Group is part of an international consortium that has been awarded the concession to own, operate and expand the port of Maputo in Mozambique.
The restoration of the harbor facilities will generate construction work valued at around USD USD
In currencies, this is the abbreviation for the U.S. Dollar.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 22 M (about SEK SEK
In currencies, this is the abbreviation for the Swedish Krona.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 210 M) during a three-year period.
The concession agreement Concession Agreement
A right granted by a government to a corporation. It specifies rules under which the company can operate locally.
Some concession agreements might include tax breaks for the corporation, in order to keep them from moving to another jurisdiction. with the Republic of Mozambique extends for a period of 15 years, starting in 2001. The region's growth is expected to generate gradually increasing sales and revenue flows. Sales in 2001 are expected to total USD 22 M (SEK 210 M) and will then rise gradually to exceed USD 70 M by the end of the concession period.
"We see a growing need for privately financed infrastructure. Globally, an increasing number of major infrastructure issues are being resolved in this way. This provides Skanska with major opportunities. We are one of the few globally active companies capable of participating in all phases of such projects, from design, construction work and service to arranging financial solutions," says Bert-Ove Johansson, President of Skanska BOT.
The port of Maputo is one of southeastern Africa's most important transport hubs. It is centrally located to serve northern areas of southern Africa
Following the civil war in Mozambique, the harbor area The Harbor Area is the area along the Port of Los Angeles. It contains neighborhoods of Los Angeles (including Wilmington & San Pedro). Los Angeles City neighborhoods in the Harbor Area
The investments in mainly construction work and essential equipment will amount to USD 55 M (SEK 530 M). These will be financed principally through loans of around USD 38 M. The port will be expanded as traffic and revenues increase. Skanska International Civil Engineering will receive construction assignments worth approximately USD 22 M, about SEK 210 M. The company has carried out a large number of civil engineering projects in Africa since 1967, while this is Skanska's first BOT project on the African continent.
The initial investment for Skanska BOT will total USD 1.7 M (about SEK 16 M). The Maputo Port Development Company is 51-percent owned by a group of international investors and the balance of 49 percent is held by the Republic of Mozambique and related interests.
Skanska's share of the international investors' holding amounts to 32 percent. Great Britain's Mersey Docks and Harbor Company holds 36 percent, Liscont (Portugal) 29 percent and Mozambique Gestores 3 percent.
The sale of developed projects to long-term investors Long-term investor
A person who makes investments for a period of at least five years in order to finance his or her long-term goals. is an integral part of Skanska's strategic business direction.
Skanska BOT recently stepped in as joint owner, builder and operator of a toll expressway in Chile, one of the largest BOT projects ever undertaken in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Skanska has 48 percent of this project, which has a total value of around USD 800 M. As a result, the subsidiary, Sade Skanska, secured its largest construction assignment to date, worth around USD 190 M, or about SEK 1.8 M.
This and previous releases can also be found at www.skanska.com
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