Tekfen Holding jumps after subsidiary Tekfen Insaat wins tender

Tekfen Holding

02/09/2024 09:47

**  Shares of Tekfen Holding  TKFEN.IS  jump 3.56% after
Turkey-based holding company's subsidiary Tekfen Insaat ve
Tesisat wins tender worth $212 millions
    ** Tekfen İnşaat, Turkey-based company, which engages in
heavy and civil engineering construction, has received
notification that it has won the tender for the EPC works of the
"Package-16 MGSE III: Jeddah Cluster" pipeline project in Saudi
Arabia
    ** Tekfen Holding said that the project is estimated to have
a value of approximately $212 million and is expected to be
completed within 40 months
    ** Brokerage Deniz Yatirim and Ziraat Yatirim evaluates new
project as positive for Tekfen shares
    ** Deniz Yatirim notes the company has a remaining backlog
of $748.7 million and this newly awarded project represents
approximately 28% of the remaining backlog

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))