Re Contract
Balfour Beatty PLC
29 March 2005
29 March 2005
GAMMON WINS HK$2.6 BILLION VENETIAN HOTEL CONTRACT IN MACAU
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Largest ever building contract for Balfour Beatty's Hong Kong business
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Balfour Beatty, the international engineering, construction and services group,
announces today that Gammon, the Hong Kong-based engineering and construction
company in which Balfour Beatty acquired a 50% interest in August 2004, has been
awarded the HK$2.6 billion (£175 million) contract to construct the Venetian
Macao hotel tower in COTAI, Macau (SAR).
Gammon, through its Macau company, Gammon Building Construction (Macau) Ltd, in
conjunction with Mei Cheong Construction Company Ltd, its Macau Partner, has
been appointed the Major Trade Contractor for this project.
The project involves a 32-storey tower containing 3,000 guest rooms and suites,
with a six-level podium and a total gross area of approximately 350,000 square
metres. It is scheduled for completion in 2007.
Commenting on the award today, Balfour Beatty Chief Executive, Ian Tyler, said:
'Gammon is market leader in Hong Kong for both civil engineering and large-scale
building. This success demonstrates the strong basis which we have established
in South-East Asia with a view to long-term growth and is further evidence of
the Group's strength in major, complex building works.'
The project involves the construction of a concrete structural frame, structural
steel works for the lower floors of the hotel, external facades, waterproofing,
lifts and escalators, building services, interior decoration, furniture and
fittings.
Macau, formerly a Portuguese dependency, became a Special Administrative Region
of the People's Republic of China in December 1999 and is currently attracting
significant investment in tourism and leisure.
ENDS
Enquiries to:
Tim Sharp
Tel: 020 7216 6884
www.balfourbeatty.com
Notes to Editors
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1. Gammon is a strong, broadly-based construction group with an overall Hong
Kong market share of approximately 10%. Balfour Beatty owns 50%, with
Jardine Matheson, Asian market leaders in a number of business fields,
owning the other 50%.
2. Gammon's main business is in civil engineering, foundation engineering and
major building construction. It also owns a number of smaller businesses
which support its main contracting activities. Its principal customers
include Hongkong Land, the Swire Group, Kowloon Canton Railway Corporation
and the Mass Transit Railway Corporation.
3. Balfour Beatty is a world-class engineering, construction and services
group, well positioned in infrastructure markets which offer significant
growth potential. Its partnerships with public and private customers
generate secure, sustainable income. Its financial position, with
significant net cash and with strong operating cash flows, offers
continuing flexibility to add additional capacity and expertise to the
business mix and to make appropriate investments in PPP and other long-term
growth opportunities.
This information is provided by RNS
The company news service from the London Stock Exchange
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