Sunny day in Piazza Affari for the share of Salini Impregilo, which gains over 6%, to 2,78 euros. The news of a maxi order in Kuwait triggered the wave of purchases on the shares of the Italian general contractor. The successful placement of a 300 million bond also had a positive effect.
In the morning, the group announced that it had been awarded a new $955 million contract in Kuwait with a consortium in which it holds a 55% stake. Assigned by the Public Authority for Housing Welfare of Kuwait, the contract involves the construction of primary urbanization works for the creation of a new residential settlement on an area of 12 hectares located 40 km northwest of Kuwait City, within the South At the Mutlaa Housing Project.
The works to be built include 150 kilometers of new roads with related junctions, networks for lighting, water distribution, rainwater and sewage collection, as well as all the civil works necessary for the high voltage distribution of energy electricity, the installation of telecommunications networks and vehicular traffic control systems.
As for the bond issue, despite the volatile markets, the group collected orders for over 550 million and the operation closed exceeding the initial target of 200 million. Analysts point out that the news is positive because it thus lengthens the average life of the debt from the current three to four years and lowers the cost of debt. The group plans to issue another bond within the year.
Finally, another piece of news appreciated by the market is the confirmation of the good performance of order intake, which since the beginning of the year has amounted to approximately 4,5 billion and already covers 70% of the total order intake estimated for 2016.
