KBC International, Ghana Signs MoU with Liberia SEZ Authority for $12.5 Million Project

Introduction

KBC Global Ltd, one of the prominent players in the construction and real estate sector, has announced that its subsidiary, KBC International Ltd, Ghana, has signed a Memorandum of Understanding (MoU) with the Liberia Special Economic Zone (SEZ) Authority. The MoU is for a $12.5 million residential, commercial, and low-cost housing project within Liberia’s SEZ.

Key Highlights

• Project Overview: The project focuses on constructing residential complexes, low-cost housing, and commercial spaces in the Liberia SEZ.
• Timeline: The project is expected to commence in Q2 2025 and be completed within three calendar years.
• Strategic Importance: This marks the second international order for KBC Global, further cementing the company’s position in the African construction market.

Recent Developments and Expansion

In June 2024, KBC Global Ltd, through its subsidiary Karda International Infrastructure Ltd, secured a $20 million civil engineering subcontract from CRJE (East Africa) Ltd. This contract opened the door for KBC Global to enter the African infrastructure sector, showcasing its potential for growth in the region.

Financial Progress and Stability

On September 21, 2024, KBC Global announced the fulfillment of its financial obligations to Capri Global Capital Ltd, regularizing its default and securing a waiver of penal interest. This financial agreement sets the stage for accelerated construction activities in its ongoing projects such as Hari Vasant and Hari Aakruti Phase II.

Domestic Project Updates

KBC Global has made significant strides in its domestic operations in Nashik, Maharashtra. As of August 2024, the company has handed over possession of over 125 residential and commercial units across various projects. Moreover, construction work has been completed for three key projects, with completion certificates to be obtained soon.

Leadership and Strategic Moves

The company also appointed Mr. Muthusubramanian Hariharan as Executive Director and CEO in July 2024, who will steer global business development and oversee KBC’s strategic expansion plans. Additionally, the board has approved the conversion of FCCBs into equity shares, further solidifying its financial foundation.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.