Amsterdam, August 21, 2017 - Kardan N.V. (‘Kardan’ or ‘the Company’), active in Real Estate and Water Infrastructure in emerging markets announces that its subsidiary Tahal Group B.V. (‘Tahal’) has signed, together with its 50% partner, a $ 176 million contract for a multipurpose agriculture and water project in Zambia.

Tahal and its partner for the activities in Angola and Zambia, ZRB Consulting Finance & Development Limited (‘ZRB’), have signed a contract with the Government of the Republic of Zambia, represented by the Ministry of Agriculture, for the design, procurement, construction and commissioning of a multipurpose agriculture and water project in the Republic of Zambia. The project, comprising about 5,750 hectares of land, shall include a large scale community agricultural settlement with hundreds of family farms and commercial farms, based on roads, water, power and draining infrastructure, and a number of other facilities as well as related services, such as crop-growing farms, irrigation facilities, greenhouses, support systems for professional training and use of advanced technology, purchasing, marketing and financial management; buildings and facilities for community, education, health and social and other services. With this second large agricultural project Tahal strengthens its international position in this sector.

Tahal and ZRB will be entitled, in equal shares, to the total contract price of $ 176 million for the performance of the entire project.

The project is subject to several conditions precedent, the main condition is the successful completion of the financial closing by the Government of Zambia.

The project duration is 3 years, including planning and designing, and will commence once the conditions precedent are fulfilled.

Following the completion of the conditions precedent, the expected revenues from the project of $ 176 million will be added to the backlog of Tahal which currently stands at around $ 605 million.


170821 Press Release Kardan Tahal project Zambia.pdf
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Kardan EUR 0,117 +1,2ct vol. 1.938.319