China's Haisum Unit to Build USD441 Million Cocoa Plants in Cacao Hub Ivory Coast
Tang Shihua
DATE:  Dec 25 2019
/ SOURCE:  yicai
China's Haisum Unit to Build USD441 Million Cocoa Plants in Cacao Hub Ivory Coast China's Haisum Unit to Build USD441 Million Cocoa Plants in Cacao Hub Ivory Coast

(Yicai Global) Dec. 25 -- A unit of China Haisum Engineering has won a EUR398 million (USD441 million) bid to construct two cocoa bean processing plants in Cote d'Ivoire, the world's leading exporter of the beans used in making chocolate.

China Light Industry Nanning Design Engineering has penned a general contract agreement with the cocoa bureau under the Western African country's agricultural ministry regarding the design and construction of the two factories, the Shanghai-headquartered parent said in a statement yesterday.

Ivory Coast, whose export-oriented economy mostly relies on cocoa, has been suffering from the global cacao price crash over the past few years.

Cote d'Ivoire's Ministry of Economy and Finance will obtain 85 percent of the financing needs by taking out sovereign loans provided by Chinese lenders. The project owner, whose name was not mentioned, will cover the rest. 

The undertaking will be finished in two years and the annual processing capacity of the two factories will be 50,000 tons. The project also involves two storage facilities in the capital city of Abidjan and the port town of San-Pedro.

Haisum's shares [SHE: 002116] climbed 0.9 percent to CNY7.88 (USD1.13) this morning. 

Editor: Emmi Laine

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Keywords:   China Haisum Engineering,Cote d'Ivoire,China Light Industry Nanning Design Engineering