Tuesday, 4 May 2010

DMCI enters MRT-7 project

Neil Jerome C. Morales

A UNIT of listed conglomerate DMCI Holdings, Inc., has entered into a partnership with a Japanese construction giant and a local firm for the construction and commissioning of a portion of the MRT-7 project.

"D.M. Consunji, Inc., together with Marubeni Corp., has signed a contract for the engineering, procurement, construction and commissioning of the Metro Rail Transit System of the MRT-7 project with Universal LRT Corp. (BVI), Ltd. for approximately $1.12 billion," the company told the local bourse on Tuesday.

Under the deal, the Marubeni-DMCI consortium will build the 22-kilometer rail system within 42 months.

The MRT-7 will extend from North EDSA or Epifanio de los Santos Avenue at the end of the MRT Line 3 in Quezon City to San Jose del Monte in Bulacan with 14 stations: North EDSA, Quezon Memorial Circle, University Avenue near the University of the Philippines, Tandang Sora, Don Antonio, Batasan, Manggahan, Doña Carmen, Regalado, Mindanao Avenue, Quirino, Sacred Heart, Tala, and San Jose del Monte.

Shares in DMCI Holdings, whose profits almost tripled last year to P4.683 billion on the back of huge earnings from mining, real estate and water distribution, closed at P17.00 each on Friday.

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