Brief: Tekfen Holding Says TTJV And Libyan MMRA Reached Agreement To Make Net Payment Of $35.4 Mln To TTJV Following Deductions

Tekfen Holding

17/07/2023 14:15

July 17 (Reuters) - Tekfen Holding AS  TKFEN.IS :
    * TEKFEN HOLDING SAYS TEKFEN-TML JOINT VENTURE (TTJV) AND EMPLOYER ADMINISTRATION LIBYAN
MAN-MADE
RIVER AUTHORITY (MMRA) REACHED AGREEMENT TO MAKE NET PAYMENT OF $35.4 MILLION TO TTJV FOLLOWING
DEDUCTIONS REGARDING TEKFEN CONSTRUCTION'S LIBYA GREAT RIVER PROJECT
    * FIRST PART OF THIS AMOUNT $12.7 MILLION AND AFTER DEDUCTING AMOUNT DECIDED TO BE PAID BY
TTJV TO
LIBYA IN THE SECOND ARBITRATION, REMAINING NET AMOUNT OF $9.0 MILLION IS COLLECTED
    * NEGOTIATIONS ARE ONGOING REGARDING PAYMENT PLAN OF REMAINING $22.8 MILLION
    * THIS COLLECTION WILL HAVE ADDITIONAL PROFIT EFFECT OF AROUN $4 MILLION AT THIS STAGE ON
OUR
COMPANY'S CONSOLIDATED INCOME STATEMENT AS TEKFEN SHARE, AFTER POSSIBLE EXPENSES TO BE INCURRED
BY TTJV ARE DEDUCTED

Source text for Eikon:  ID:nIKA618Z1z 
Further company coverage:  TKFEN.IS 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))