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China firm wins $16m road project in Philippines

(Xinhua)
Updated: 2009-03-19 14:04

BEIJING -- A Chinese company has won a 776.89-million-Philippine Peso ($16.08 million) bid for a road project in the Philippines.

The Fujian-based China Wuyi Co, a domestic construction firm, said it won the project, a 41.466-kilometer rural road in Antigue Province in central Philippines, co-funded by the Japan International Cooperation Agency and the Philippines government. The Japan International Cooperation Agency is to provide 83 percent of the money.

Once the final contract was sealed, the company would have to finish the construction within 24 months.

As of 11: 06 am, the company's shares gained 4.92 percent to 6.82 yuan.