On June 13, Sinoma International issued a notice on the signing of major daily business contracts by wholly-owned subsidiaries of the company. The announcement said that its wholly-owned subsidiary, Chengdu Institute of Industrial Design of Building Materials Co., Ltd., and the Equipment Bureau of the Ministry of Defense of the Arab Republic of Egypt signed a turnkey project contract for the design, supply, construction, installation and commissioning of six clinker cement production plants with a daily output of 6000 tons in Cairo. The contract amount is 1.053 billion euros (including the financial cost corresponding to the progress payment paid by the owner in installments).
According to the announcement, six new complete cement production lines with a daily output of 6000 tons of cement cover the whole process from raw material crushing to the packaging and shipment of finished cement products, including camp construction, mining platform construction, mine workshop, mine crushing and geological survey of the plant area. The production lines are constructed in the form of general contracting, including design, equipment manufacturing, civil construction, supply and installation, commissioning and training; It also provides 3-year operation and maintenance of two cement production lines with a daily output of 5775 tons in GOE ARISH Phase II and six cement production lines in Beni Suef signed this time. The new production line started trial production in December 2017 and reached the contracted output within 3 months from the date of starting cement production.
The announcement said that the contract amount (about 7.845 billion yuan at the exchange rate of the People's Bank of China on June 8, 2016) accounted for about 34.72% of the audited revenue of listed companies in 2015, and the signing and implementation of the contract will provide support for listed companies to further expand the overseas cement engineering equipment market. The announcement said that the contract is a daily operation contract, the signing and performance of the contract does not affect the business independence of the listed company, and the main business of the listed company will not be dependent on the performance of the contract. The announcement also indicated that the project is an overseas project, and the factors affecting the performance of the contract are complex, which may be affected by uncertainties such as political situation, policy, security, exchange rate (fluctuations in the exchange rates of the euro and the Egyptian pound have a greater impact on the profits and losses of the project). Chengdu Institute undertakes several production lines at the same time, and the project amount is large, the collection period and financing time are long, and there are uncertainties.
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