20 February 2014
Red Sea Housing Services Company Announces that its subsidiary in Papua New Guinea has signed a Letter of Acceptance (LOA) with the Government of Papua New Guinea to construct housing units for Bomana Police Housing Estate in Port Moresby, in the amount of SAR 75 million. The LOA was signed on Wednesday 19-02-2014 corresponding to 19-04-1435. The turnkey housing project includes the construction of 150 units on 70,000 square meters of land. The commencement date for executing the project will be immediately after the signing the final agreement, which is expected to take place in two weeks. The project shall be finalized within 10 months from the signing date.
The financial impact for this project will be reflected on the financial statements for the first quarter of 2014, and it will be financed through existing cash flows and banking facilities, which will be locally obtained. Further developments pertaining to the project will be announced in due course.
This project is an evidence of the company ability to provide high quality housing solutions to different clients segments locally, regionally and internationally; and the aspiration to strengthen its footprint in promising international markets.
Red Sea Housing Services Company Announces that its subsidiary in Papua New Guinea has signed a Letter of Acceptance (LOA) with the Government of Papua New Guinea to construct housing units for Bomana Police Housing Estate in Port Moresby, in the amount of SAR 75 million. The LOA was signed on Wednesday 19-02-2014 corresponding to 19-04-1435. The turnkey housing project includes the construction of 150 units on 70,000 square meters of land. The commencement date for executing the project will be immediately after the signing the final agreement, which is expected to take place in two weeks. The project shall be finalized within 10 months from the signing date.
The financial impact for this project will be reflected on the financial statements for the first quarter of 2014, and it will be financed through existing cash flows and banking facilities, which will be locally obtained. Further developments pertaining to the project will be announced in due course.
This project is an evidence of the company ability to provide high quality housing solutions to different clients segments locally, regionally and internationally; and the aspiration to strengthen its footprint in promising international markets.
© Tadawul 2014
