Red Sea Housing’s subsidiary signs deal with Australia

Red Sea Housing Services Company announced that its Australian subsidiary, Red Sea Housing Services Company Pty Ltd., signed a contract with the Australian department of immigration and citizenship amounting to $35 million (SR131.25) on Friday, according to Tadawul website.
The contract involves the construction of a housing camp with the capacity to accommodate up to 430 tenants, and provide for accommodation and amenities along with associated infrastructure and services.
The camp will be located at Manus Island Temporary Regional Processing Center, Lombrum Naval Base, Papua New Guinea.
The project will be finalized within 70 days from the contract signing date.
The financial impact of this agreement will be reflected on the financial results starting from Q3 2013.
The project will be financed through existing cash flows and bonded by bank guarantees.