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Chinese firm wins $16m Philippine road project

(Xinhua)
Updated: 2009-03-19 15:14

A Chinese company has won a 776.89-million-Philippine Peso ($16.08 million) bid for a road project in the Philippines, it was revealed Thursday.

Related readings:  China Wuyi says it 'regrets' World Bank ban  China Communications Construction wins 1.79b yuan bid  China Railway Construction wins 28.12b yuan in bids

The Fujian-based China Wuyi Co, a domestic construction firm, said it won the project, a 41.466-kilometer rural road in Antigue Province in central Philippines, co-funded by the Japan International Cooperation Agency and the Philippines government. The Japan International Cooperation Agency is to provide 83 percent of the money.

Once the final contract was sealed, the company would have to finish the construction within 24 months.

The company's shares closed at 6.70 yuan on Thursday, up 3.08 percent.