Sinoma (Suzhou) Construction, a subsidiary of Sinoma International Engineering (600970), won a $112.5 million contract from Iraqi company, MASS IRAQ to build a cement production line in Iraq, reports yicai.com, citing a company filing.
The project is scheduled to be completed in 24.5 months from the signing of the contact.
Except for the down payment of $20 million, both parties will equally share the foreign exchange rate risk of the $92.5 million portion of the contract. The maximum compensation amount is five percent of the contract value.
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