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(Yicai Global) Dec. 12 -- State-owned engineering contractor China Wuyi Co. [SHE:000797], continues its momentum in the African market, winning a bid for a CNY415 million (USD62.72 million) Tanzanian highway project, marking the firm's fourth such contract on the continent this year.
This latest contract follows previous African road project wins this year in Uganda, Tanzania and Ethiopia worth CNY172 million, CNY269 million and CNY426 million, respectively.
The contract will run for three years and generate CNY21 million in profit, the Fujian province-based firm said in a press briefing yesterday.
The company has built projects worth CNY34.9 million in Tanzania over the last two years, China Wuyi said, adding that this most recent contract has received guarantees from the country's state credit provider.
The engineering contractor operates units in Australia, the US, Canada, Malaysia, and the Philippines, in addition to multiple countries in Africa.