South Korean defense products and equipment maker Hyundai Rotem (KRX:064350) secured the Morocco ONCF electric multiple units (EMU) logistique, transport de marchandises et services (LTSS) project from the country's national railway operator, the Office National des Chemins de Fer (ONCF).
The contract is valued at 748.25 billion won, according to a Friday filing with the Korea Exchange.
Under a shareholder agreement between Hyundai Rotem and ONCF, the contract counterparty is expected to be changed to a joint venture that will be established ahead. The contract's expiration date will be finalized once the JV is established.
Shares of Hyundai Rotem fell over 1% in recent trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.