Wednesday, July 24, 2013
Soilbuild Construction: landed a US$1.1m contract by a third party developer in Myanmar, to provide project mgt and professional consulting services for the erection of a 24 storey residential tower in Myanmar. Soilbuild Myanmar has been granted a temporary certificate of incorporation pending completion of the registration process in Myanmar. The contract is for a period of 3 yrs from the date of permit to commence work, expected to be obtained by 1H14. Soilbuild’s maiden Myanmar contract highlights that the group is making positive inroads into the country. With the Myanmar investment theme gaining traction, and interest in M-Chips, this may be a catalyst for the stock to rebound. The stock has been trending to new lows since its recent IPO inception.