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FINWIRES

Hyundai Engineering & Construction Says Sinbanpo Second Reconstruction Contract Not Yet Finalized

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Hyundai Engineering & Construction (KRX:000720) clarified a media report on Edaily about securing a contract for the Sinbanpo second reconstruction project.

The company said that the deal, valued at 1.3 trillion won, had not been finalized.

Although the project received conditional approval from the Seoul metropolitan government's integrated review committee on April 16, the final design has not yet been determined as the project implementation authorization has not been obtained. Therefore, Hyundai Engineering & Construction plans to sign the definitive contract once the project implementation authorization is granted and the cooperative's final design is confirmed, the filing said.

Shares of Hyundai Engineering & Construction rose nearly 2% at market close.

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