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Hyundai Rotem Wins KRW748.3 Billion Morocco ONCF EMU LTSS Project

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South Korean defense products and equipment maker Hyundai Rotem (KRX:064350) secured the Morocco ONCF electric multiple units (EMU) logistique, transport de marchandises et services (LTSS) project from the country's national railway operator, the Office National des Chemins de Fer (ONCF).

The contract is valued at 748.25 billion won, according to a Friday filing with the Korea Exchange.

Under a shareholder agreement between Hyundai Rotem and ONCF, the contract counterparty is expected to be changed to a joint venture that will be established ahead. The contract's expiration date will be finalized once the JV is established.

Shares of Hyundai Rotem fell over 1% in recent trade.

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