(Yicai Global) June 5 -- An overseas subsidiary of China Bester Group Telecom has penned an engineering, procurement and construction contract to build a USD62 fiber optic network serving homes in the Philippines.

China Bester unit Leo Technologies and Infrastructure penned the deal for the optical distribution network with Manila-based Metroworks ICT Construction, the communication services provider, a supplier to China’s big three telecoms providers, said in a statement yesterday. Shares in Bester [SHA:603220] closed up 1.9 percent at CNY18.20 (USD2.56) when the markets closed for lunch.

Construction costs of the optical distribution network, which will allow Metro to deliver high speed internet to residents in the Philippines, will likely make up over half of the overall investment in the project, based on public data.

The network will include 500,000 fiber to the home, or FTTH, communication lines and Leo Technologies will be responsible for surveys, designs, equipment and material supplies, and testing and commissioning the system.

The deal is equal to about a quarter of Bester’s 2019 operating revenue, the statement added, saying the contract will help its overseas expansion and forthcoming business performance.

Editor: James Boynton