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UNITED Fiber System (UFS) has set up a joint venture company for a social housing construction project in Libya.
Making the announcement yesterday, UFS said its wholly owned subsidiary, Unifiber Holding, will have a 40 per cent stake in the joint-venture company, UFS Construction, while TSG Asia, an affiliate of US-incorporated The Sandi Group, will have 60 per cent. The initial issued and paid-up capital of the joint venture is US$10,000. UFS said last month the project was estimated to have a contract value of up to $1.23 billion. It also said that the project will consist of 5,000 housing units, a hotel, administrative buildings and related infrastructure, and that it was expected to be completed within 48 months from the date of the site handover.
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