Nicaragua Canal Project Planning Approved, Benefiting XCMG
July 21, 2014
The Nicaragua Canal Project Planning worth US$ 50 billion, which was sponsored by a Chinese entrepreneur Wang Jing, was approved by the local government. Wang Jing confirmed it last night.
It is reported that on July 7 a Nicaragua committee approved the Nicaragua Canal Project’s route planning which stretches from the Brito Estuary in the west coast to the Punto Gorda River along the Caribbean Coast in the east. The canal has a total length of 278 km, and its planning was devised by Hong Kong Nicaragua Canal Development and Investment Co., Ltd.
According to the previous documents of the Nicaraguan Government, investment in the Canal Project totals about US$ 40 billion (or RMB 245 billion). “So far, the total investment budget for the canal has hit US$ 50 billion,” a senior executive of HKND said yesterday.
In light of the planning, the canal will be completed in 2019 and put into service by 2020. The planned length of the canal will be 3 times that of the Panama Canal.
It is said that XCMG will be the exclusive engineering equipment vendor for Nicaragua Canal Project. On April 23 this year, XCMG announced that it had signed a framework agreement with Wang Jing’s HKND, and planned to purchase 1.5% to 3% of the company’s stock, but the investment amount was undisclosed in the agreement.
On the evening of July 8, XCMG released a bulletin, saying that its majority shareholder would accumulate the company stake by 780,700 shares, making up 0.038% of the company’s outstanding shares. The Big Data Terminal of Dazhihui showed that up to 9:44, July 9, XCMG share price has risen by 4.51%, hitting RMB 7.19 per share.
| 洪都拉斯
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Honduras
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| 尼加拉瓜
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Nicaragua
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| 马那瓜
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Managua
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| 加勒比海
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Caribbean Sea
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| 尼加拉瓜运河拟议线路
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Planned Route of Nicaragua Canal
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| 巴拿马运河
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Panama Canal
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| 巴拿马
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Panama
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It is reported that on July 7 a Nicaragua committee approved the Nicaragua Canal Project’s route planning which stretches from the Brito Estuary in the west coast to the Punto Gorda River along the Caribbean Coast in the east. The canal has a total length of 278 km, and its planning was devised by Hong Kong Nicaragua Canal Development and Investment Co., Ltd.
According to the previous documents of the Nicaraguan Government, investment in the Canal Project totals about US$ 40 billion (or RMB 245 billion). “So far, the total investment budget for the canal has hit US$ 50 billion,” a senior executive of HKND said yesterday.
In light of the planning, the canal will be completed in 2019 and put into service by 2020. The planned length of the canal will be 3 times that of the Panama Canal.
It is said that XCMG will be the exclusive engineering equipment vendor for Nicaragua Canal Project. On April 23 this year, XCMG announced that it had signed a framework agreement with Wang Jing’s HKND, and planned to purchase 1.5% to 3% of the company’s stock, but the investment amount was undisclosed in the agreement.
| 日K线图徐工机械
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Daily K-line chart, XCMG
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On the evening of July 8, XCMG released a bulletin, saying that its majority shareholder would accumulate the company stake by 780,700 shares, making up 0.038% of the company’s outstanding shares. The Big Data Terminal of Dazhihui showed that up to 9:44, July 9, XCMG share price has risen by 4.51%, hitting RMB 7.19 per share.
