Grana y Montero SAA (ADR) (NYSE:GRAM) announced that its subsidiary CAM Columbia Multiservious S.A.S had been awarded a contract for the execution of a project EDELNOR.
The scope of the services will include the company providing new connections, power outage services, invoice distribution and interpretation, service restoration, public lighting maintenance, emergency assistance among others. This contract has an approximate amount of $48.2 million and is valid for the duration of three years.
During the month of January Grana y, Montero SAA (ADR) (NYSE:GRAM) made a similar announcement. The announcement during this time was that its subsidiary CAM Colombia Multiservicios S.A.S. had obtained the Buena Pro which is a “Comprehensive Electricity Contract”. The contract included developing various services for Colombian company Electricaribe S.A. E.S.P. which is part of Gas Natural Fenasa multinational group. The named company is the largest integrated gas and electrification company in Spain.
The contract was for duration of up to five years and was valued at $63.0 million. It had an extension option for two additional years. CAM which belongs to the service and technical Area of Grana y Montero SAA (ADR) (NYSE:GRAM) is trying to consolidate as a leading company in electrification and telecommunication sector within the region. The news of the contracts is definitely a boost to the company’s efforts as it seeks to cement its services in Colombia, Chile, and Perú.
Graña y Montero is the only Peruvian engineering and construction company, which is listed on the Lima Stock Exchange since 1993 and on the New York stock exchange since 2013. The company is responsible for the construction of major projects in Peru including complex project in the mining, energy, and real estate sectors. The company has leveraged its building and engineering expertise into the lines of modern business such as development, ownership and maintenance of infrastructure assets, real estate development and provision of technical services. It has significant investments in the infrastructure industry.
The company executes several projects outside Peru. It has acquired three companies including DSD Construcciones y Montajes in Chile, Vial y Vives which has operations in Chile, Peru and Colombia and Morelco S.A in Colombia.