Metka awarded Syrian deal; shares jump
Greece’s biggest builder of electricity plants Metka and Italy’s Ansaldo Energia have been chosen to build a 650-million-euro, 700-megawatt gas-fired power station in Syria. The news helped send Metka’s stock 8.42 percent higher yesterday to 13.14 euros versus a 4.17 percent rise on the Athens bourse’s benchmark general index. Metka and Ansaldo, a unit of Italy’s Finmeccanica, received notification from the Syrian government on Sunday. «This project is the biggest in Metka’s history,» the company said in a statement. «Our backlog is now strengthened.» Metka reported revenue of 284 million euros last year and net profit of 37 million. The contract – involving the design, supply and construction of the plant – brings Metka’s order book to 1.3 billion euros. The company, 54 percent-owned by Mytilineos Holdings, has a market value of some 682.6 million euros. The Metka-led venture made the lowest bid to build the natural gas-powered energy plant for Syria’s Ministry of Electricity. Ansaldo Energia will provide the power equipment as part of the deal. Analysts described the deal as being important, helping Metka meets its targeted backlog of 1.0 to 1.5 billion euros for the full year. The contract is expected to be completed within 36 months of being signed.
