Brief: Tekfen Holding Says Subsidiary Tekfen Insaat Completed As A 50%-50% Joint Venture With Al Jaber Engineering LLC In Qatar For Al Thumama Stadium Project

Tekfen Holding

18/12/2023 05:45

Dec 18 (Reuters) - TEKFEN HOLDİNG  TKFEN.IS :
    * SAID ON FRIDAY ONE OF OUR SUBSIDIARIES TEKFEN İNŞAAT 
COMPLETED
AS A 50%-50% JOINT VENTURE WITH AL JABER ENGINEERING LLC IN
QATAR FOR AL THUMAMA STADIUM PROJECT AND REACHES AGREEMENT 
    * WITHIN THE FRAMEWORK OF  AGREEMENT, THE EMPLOYER
ADMINISTRATION
WILL PAY A TOTAL OF QAR 366.0 MILLION (50% TEKFEN SHARE IS
APPROXIMATELY $50.1 MILLION) TO THE RELEVANT JOINT VENTURE
    * SAYD AS A RESULT OF THE CURRENT END-OF-PROJECT BUDGET
STUDIES
REGARDING TEKFEN CONSTRUCTION'S NORTH FIELD EAST COAST EPC-1
PROJECT, WHICH IS CURRENTLY ONGOING IN QATAR, THE EXPECTED LOSS
AMOUNT IS ESTIMATED TO BE $130 MILLION.
    * IN ADDITION TO ALREADY INCURRED LOSS AMOUNT OF $20 MILLION
FOR
SAID PROJECT, IMPACT OF ABOVE-MENTIONED INCOME AND EXPENSE ITEMS
ON CURRENT FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH
TFRS, IT IS CALCULATED THAT A TOTAL NEGATIVE IMPACT OF
APPROXIMATELY $59.9 MILLION ON OUR CONSOLIDATED EQUITY WILL BE
INCURRED IN YEAR-END FINANCIAL STATEMENT STUDIES

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nIKA8ZNkYl
 Further company coverage:  TKFEN.IS  

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