MEP Infrastructure Developers’ shares zoomed 7% in the early morning trade after its subsidiary bagged an EPC project.

MEP Infrastructure Developers has reported that its subsidiary, Victory Infra LLC, has been recognised as the preferred contractor for the engineering, procurement and building of Kasumbalesa Dry Port in the Democratic Republic of Congo (DRC).

The subsidiary firm has entered into a contract with Yellowstone DRC SARL, a private company incorporated in DRC.
The projected contract price for the EPC agreement is between $115 Mio and $130 Mio and is to be implemented in 24 months from the appointed date.

The subsidiary bagged another bond from Yellowstone DRC SARL to operate, maintain and accomplish the Kasumbalesa Dry Port with estimated contract fees between $14 Mio and $18 Mio per annum with an appreciation of 5% YoY.

The contract will be for 12 years from the profitable operation date after the conclusion of construction, with the potential for six years of delay at the option of Yellow Stone.
MEP Infrastructure Developers has moved a 52-week low of Rs 9.50 but trading 4.59% or Rs 0.46 higher at Rs 10.48 on the BSE.