MEP Infrastructure Developers has said that its wholly-owned subsidiary Victory Infra LLC, has entered into an agreement with Yellowstone DRC SARL a private firm in the Democratic Republic of Congo to maintain, operate and manage a dry port.
MEP Infrastructure Developers has said that its wholly-owned subsidiary Victory Infra LLC, has entered into an agreement with Yellowstone DRC SARL a private firm in the Democratic Republic of Congo to maintain, operate and manage a dry port.
A dry port is an inland terminal, which is connected to a seaport. The Kasumbalesa Dry Port is located near the DRCs border with Zambia and will be connected to African maritime ports. The dry port is being commissioned to relieve congestion at the border and will also operate as a container terminal.
The estimated size of the EPC contract, which is for 24 months, is estimated between $115 million and $130 million.
Shares of the company gained 17% to close at 11.8 after the announcement.
In the exchange filing MEP said that its subsidiary in the Middle East has entered into a definitive head of terms for engineering, procurement and construction contract wherein Victory Infra LLC has been identified as the preferred EPC contractor of Kasumbalesa Dry Port in Democratic Republic of Congo. MEPIDL, incorporated in 2002, located in Mumbai, Maharshtra, is the flagship entity of the MEP Group and an established player in toll collection and Operate Maintain and Transfer (OMT) business for roads and highways. The MEP Group engages in either short or long term contracts ranging from one to sixteen years to undertake such business.
