Libya crisis hits Shanghai-listed firms
By Lydia Chen |
March 3, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI-LISTED firms which have businesses in turmoil-hit Libya have seen their share prices plunging amid concerns that their previously encouraging earning forecasts now may be under a cloud.
China State Construction Engineering Corp, the country's leading offshore construction outsourcing company, is among the 13 state-owned firms which have operations in Libya. Its shares fell 1.65 percent to 3.58 yuan in Shanghai yesterday.
The company suspended all its projects in Libya and evacuated personnel away from the worsening unrest in the North African country which faces a looming civil war.
The company has signed construction contracts worth 17.6 billion yuan (US$2.67 billion) in Libya since 2007.
More than half the projects have started, the firm said in a statement.
"The unfinished projects have been suspended and their future development remains uncertain," said a company's spokesman.
Another company with Libyan operations is China Railway Construction Corp, whose stock tumbled 3.28 percent to 7.08 yuan yesterday. It has three construction contracts valued at US$4.24 billion in Libya.
China Gezhouba Group Co, one of the largest Chinese construction contractors based in Wuhan, Hubei Province, dived as much as 7 percent in Shanghai yesterday. It closed 4.48 percent lower at 13.64 yuan.
Seventy-five Chinese firms operate in Libya employing more than 36,000 Chinese citizens, according to the Ministry of Commerce's website.
China's Ministry of Foreign Affairs yesterday said all 35,860 Chinese citizens have been evacuated from Libya. Of them, 20,745 have returned to China.
China State Construction Engineering Corp, the country's leading offshore construction outsourcing company, is among the 13 state-owned firms which have operations in Libya. Its shares fell 1.65 percent to 3.58 yuan in Shanghai yesterday.
The company suspended all its projects in Libya and evacuated personnel away from the worsening unrest in the North African country which faces a looming civil war.
The company has signed construction contracts worth 17.6 billion yuan (US$2.67 billion) in Libya since 2007.
More than half the projects have started, the firm said in a statement.
"The unfinished projects have been suspended and their future development remains uncertain," said a company's spokesman.
Another company with Libyan operations is China Railway Construction Corp, whose stock tumbled 3.28 percent to 7.08 yuan yesterday. It has three construction contracts valued at US$4.24 billion in Libya.
China Gezhouba Group Co, one of the largest Chinese construction contractors based in Wuhan, Hubei Province, dived as much as 7 percent in Shanghai yesterday. It closed 4.48 percent lower at 13.64 yuan.
Seventy-five Chinese firms operate in Libya employing more than 36,000 Chinese citizens, according to the Ministry of Commerce's website.
China's Ministry of Foreign Affairs yesterday said all 35,860 Chinese citizens have been evacuated from Libya. Of them, 20,745 have returned to China.
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