[Date Prev][Date Next][Thread Prev][Thread Next][Date Index
Singapore/STIC/Burma -2: No Response To Bid Since Last Yr
SINGAPORE (AP-Dow Jones)--Conglomerate Singapore Technologies Industri=
Corp.'s (STIC) said Monday its construction arm is likely to fail in its =
build and design an international airport in Mandalay, Burma.
STIC said its construction unit, Singapore Technologies Contruction =
Ltd., had signed a memorandum of understanding (MOU) with the Burmese =
of Transport in June last year to build the airport. Formal agreements we=
be finalized within six months.
A formal bid for the construction works was submitted by ST Constructi=
December last year to the Burmese authorities, STIC said.
But as the MOU has already expired, and the Burmese authorities haven'=
responded to STIC's bid, STIC believes that it 'will not, in all likeliho=
awarded the contract.'
The development of the airport is estimated to cost $500 million (Sing=
STIC said in an earlier statement.
STIC closed Monday 12 cents lower at S$3.16 on a volume of 420,000 =
(END) AP-DOW JONES NEWS 12-02-96