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JC International Group Ltd wins $40M labour services contract

Published: 16:00 06 Jul 2017 AEST

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JCI recently raised $2.5M from a share placement

JC International Group Ltd (ASX:JCI) has signed a $40 million labour services contract for the phase 2 construction of the Padma Water Treatment Plant Project in Dhaka, Bangladesh.

This is the largest contract for JCI in terms of dollar value and further diversifies the geographic exposure of JCI’s operations.

The project is being led by China Machinery Industry Construction Group (SINOCONST), one of China’s earliest state-owned enterprises in the construction sector.

Under the terms of the contract, JCI will provide project management and labour services for the project, which is expected to last for 18 months.

The Padma Water Treatment Plant project is the largest water treatment project in Bangladesh where JCI supplied labour for phase 1 of the project, which is currently nearing completion.

For phase 2, JCI is responsible for labour services related to the principal construction, primarily the water-intake facility, water pool and buildings.

The project will employ a combination of Chinese expertise and domestic workers, and is expected to be completed in December 2018.

In April 2017, JCI signed two agreements, one with an Australian workforce solutions provider and one for a labour service contract for a construction project in Algeria.

Last week, JCI entered into share subscription agreement with Jiatuan Lin to raise $2.5 million at $0.8342 per share to support the company’s ongoing activities.

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