Americas Are Key to Growth For Israel's Shikun & Binui

摘要

Shikun & Binui Group, Israel's largest contractor, expects to take a loss of up to $30 million on debts owed since last year for infrastructure by its key overseas client, oil-sector-ravaged Nigeria. But the setback has not stopped S&B from staying in Africa or new expansion into the Americas as the $1.3-billion company seeks to grow its global footprint for contracting, project finance and real estate development. The current quarter has helped to boost the ambitions and bottom line of the firm, traded on the Tel Aviv stock exchange. Nigeria on June 20 announced a $65-million payment to S&B owed for a year, following a move to devalue the local currency. The firm has worked in Nigeria for years on BOT road and bridge projects but was forced to slow operations last year as the oil-price falloff hurt Nigeria's economy and its ability to fund work.