The civil engineering, reclamation and shore protection specialist clinched the deal for the turnkey design and construction of Sao Bien International Port through its 60 per cent owned subsidiary Koon-Top Pave Joint Venture (KTP).

KTP's other 40 per cent equity interest is held by Top Pave (TP), a Singapore-based general building contractor. The principal activities of the venture are to engage in civil engineering projects in Vietnam.

The port project, which has a work duration of 42 months, will employ a range of services including soil improvement and construction of marine infrastructure.

Located along the petrochemical belt of Vietnam, Sao Bien Port will have a total wharf length of 776m and total container handling capacity of 37,464 TEUs. It is expected to be able to berth two vessels of up to 30,000 dwt each and another two vessels of up to 10,000 dwt each.

Both the joint venture and the project will be funded by internal resources and external borrowings, said Koon.

Its chief executive officer Tan Thiam Hee said: "By venturing abroad we have taken a firm step towards becoming a regional civil engineering specialist with a presence in key Asean markets."

Source: Cargonews Asia