In Short:
KBC Global, through its subsidiary KBC International, has signed an agreement with the Liberia Special Economic Zone Authority to build residential and commercial spaces for $12.5 million, starting in Q2 2025. This follows a $20 million order from a Chinese firm. The company also resolved a past loan issue with Capri Global Capital and appointed a new CEO for global growth.
KBC Global Expands Horizons in Liberia
KBC Global, the well-known construction and real estate powerhouse, is making exciting strides on the international stage! Through its subsidiary, KBC International, the company has officially signed a memorandum of understanding with the Liberia Special Economic Zone Authority. The agreement is set to pave the way for an ambitious project that includes a residential building complex, low-cost housing, and a dedicated commercial space, totaling an impressive investment of $12.5 million (approximately ₹105 crore).
Project Timeline
Anticipation is building, as this project is expected to kick off in Q2 2025 and aims for completion within a three-year timeframe. The Liberia Special Economic Zone Authority operates under the auspices of the Liberian government, ensuring that this venture aligns with national development goals.
Recent International Contracts
This significant agreement marks the second international contract for KBC Global this year. Just last June, the company secured a $20 million (around ₹168 crore) civil engineering subcontract in the soft infrastructure sector with CRJE (East Africa), part of the renowned China Railway Construction Group.
Financial Updates
In addition to these exciting developments, early this month, KBC Global successfully met its payment obligations to Capri Global Capital, fully resolving previous defaults. The company has since established a favorable memorandum of understanding with Capri Global Capital, resulting in a waiver of non-financial penal interest. Currently, the outstanding loan with Capri Global Capital stands at ₹13 crore, which is expected to accelerate ongoing projects significantly.
Leadership and Equity Changes
To further bolster its global business initiatives, the board has appointed Muthusubramanian Hariharan as the new Executive Director and CEO. Additionally, the company has given the green light for converting 60 foreign currency convertible bonds into equities in line with the newly revised terms.
With all these developments, KBC Global is on an exciting path of growth, promising not only to enhance its portfolio but also to contribute meaningfully to community development and infrastructure in Liberia.
