After Brazil, Egypt. Maire Tecnimont, the engineering company, continues to focus on emerging countries. MT was awarded a contract for the construction of a fertilizer complex to be built in the industrial area of Aswan (Upper Egypt). The total investment value is approx 540 million dollars and completion is expected by the end of July 2014.
The customer is Egyptian Chemical Fertilizers Industries, a company active in the infrastructure and energy sector throughout the Mena area (Middle East and North Africa). Last month, the same Egyptian group signed a consortium with Saipem and Dodsal Engineering for 880 million dollars for the construction of the first phase of the railway network in the Arab Emirates.
In Piazza Affari, the Maire Tecnimont share is suspended due to an excess of upside with a theoretical +14,31%, to a maximum of 1,166 euros. The stock gained 114,7% from the minimum recorded on 4 October at 0,5434 euro. However, since the beginning of the year it has fallen by 66,7%, due to the uncertainty on the final assessment of the losses associated with the projects in South America.
In fact, since May, when the Group had declared that the projects for the construction of two coal-fired plants in Brazil (for a total value of more than one billion euros) were slowing down, the stock has lost more than 60%. And in the half-year report presented last Friday we read that Maire Tecnimont closed the period with a loss of 152 million euros.
