CSAP, CHEC execute manufacturing contract worth Rs3.96bn

MG News | November 21, 2022 at 02:32 PM GMT+05:00

0:00

November 21, 2022 (MLN): The contract for the manufacturing and coating of pipes has been executed between Crescent Steel and Allied Products Limited (CSAP) and China Harbour Engineering Company Limited (CHEC), the company filing on PSX showed today.

The value of the contract is Rs3.96 billion and the manufacturing is expected to commence in December 2022 and will be completed, hopefully, by the 2nd quarter of the next Financial Year 2023-24, it added.

To recall, on July 4, 2022, the company informed its negotiation with the CHEC for manufacturing and coating of pipes having diameters of 68 and 84 inches for the K-IV project, the Greater Karachi Bulk Water Supply Scheme with a value of the contract expected to be Rs3.8bn, subject to execution of the contract.

To note, Hot Rolled Coils (HRC) to be provided by the client.

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