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Market turns cold on firms with projects in Libya
By Lydia Chen |
March 2, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI-LISTED firms who have businesses in strife-torn Libya are taking a hard fall in share prices amid concerns that their earlier glowing earnings forecasts may dim.
China State Construction Engineering Corp, the country's leading off-shore construction outsourcing company, is among the 13 state-owned firms that run business in Libya.
The company today lost 1.37 percent to 3.59 yuan in Shanghai.
CSCEC suspended all its projects in Libya and evacuated every worker from the North African country where a civil war is looming.
The company has signed construction contracts valued at 17.6 billion yuan (US$2.67 billion) in Libya since 2007. More than half the projects are unfinished, the company said in a statement.
"The unfinished projects have been suspended and their future development remains uncertain," said a spokesman for the company.
China Railway Construction Corp shared the pains with its share price tumbling 3.42 percent to close at 7.07 yuan.
It has three construction contracts in Libya totaling US$4.24 billion. So far the company only got US$686 million, the company said in a statement.
China Gezhouba Group Co, one of China's largest construction contractors based in Wuhan, plunged by 7 percent today in Shanghai with its stock falling 4.69 percent to close at 13.61 yuan.
The Ministry of Commerce is working on a report to show how much losses Chinese contractors have suffered because of the turmoil.
Seventy-five Chinese companies have businesses in Libya -- with 50 contracts and more than 36,000 employees, according to the ministry's website.
Nearly 29,000 Chinese had been evacuated from Libya as of Monday. About 2,500 of them were flown back to China; 23,000 were temporarily accommodated in third countries and 3,400 were on their way to third countries, said the Foreign Ministry.
China State Construction Engineering Corp, the country's leading off-shore construction outsourcing company, is among the 13 state-owned firms that run business in Libya.
The company today lost 1.37 percent to 3.59 yuan in Shanghai.
CSCEC suspended all its projects in Libya and evacuated every worker from the North African country where a civil war is looming.
The company has signed construction contracts valued at 17.6 billion yuan (US$2.67 billion) in Libya since 2007. More than half the projects are unfinished, the company said in a statement.
"The unfinished projects have been suspended and their future development remains uncertain," said a spokesman for the company.
China Railway Construction Corp shared the pains with its share price tumbling 3.42 percent to close at 7.07 yuan.
It has three construction contracts in Libya totaling US$4.24 billion. So far the company only got US$686 million, the company said in a statement.
China Gezhouba Group Co, one of China's largest construction contractors based in Wuhan, plunged by 7 percent today in Shanghai with its stock falling 4.69 percent to close at 13.61 yuan.
The Ministry of Commerce is working on a report to show how much losses Chinese contractors have suffered because of the turmoil.
Seventy-five Chinese companies have businesses in Libya -- with 50 contracts and more than 36,000 employees, according to the ministry's website.
Nearly 29,000 Chinese had been evacuated from Libya as of Monday. About 2,500 of them were flown back to China; 23,000 were temporarily accommodated in third countries and 3,400 were on their way to third countries, said the Foreign Ministry.
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