Sinar, Samsung sign deal

Sinar, Samsung sign deal

SHANGHAI (Reuter): The Sinar Mas Group on Friday signed a contract worth US$18.5 million with Samsung Corp, a unit of Samsung Group, for substructuring construction work on the $460- million Bund Finance Center in Shanghai, a company spokesman said.

The center, one of a number of major investments planned in China by the Indonesian investment group, is due for completion in 1999.

It comprises a 50-storey office tower, two 27-storey blocks of apartments and a retail podium.

The contract awarded to Samsung covers the construction of the building's three-storey basement, the spokesman said.