KBC International, Ghana Inks MOU With Liberia SEZ Authority For $12.5 Million Housing Project

Following KBC Global Ltd.'s announcement to stock exchanges that KBC International Ltd., a Ghana drop-down subsidiary of a wholly owned subsidiary of KBC Infrastructure Ltd., UK, has entered into a Memorandum of Understanding with the Liberia Special Economic Zone Authority for the construction and development of projects involving residential building complexes, affordable housing and commercial space in SEZ at an estimated cost of USD 12.5 million USD, the shares of the penny stock KBC Global saw upward on the market places during the afternoon deals on Tuesday.

The project is anticipated to start in the second quarter of 2025 and be completed in three calendar years. The government of Liberia formed the Liberia Special Economic Zone Authority pursuant to the Special Economic Zone Act of 2017, and it is headquartered at the Layaette Harmon building on Lynch Street in Monrovia, Liberia. KBC Global has now won a second crucial international order.

In June 2024, CRJE (East Africa) Ltd. awarded a $20 million civil engineering subcontract to KBC Global Ltd. through its subsidiary Karda International Infrastructure Ltd. in the soft infrastructure sector. As a member of the China Railway Construction Group, CRJE has a long history of constructing five-star hotels and railways throughout Africa. With this agreement, KBC Global enters the infrastructure development market in Africa and establishes itself as a major force in the expansion of the region.

The firm notified Capri Global Capital Ltd. on September 21, 2024, that it had successfully paid its debt and that the default had been entirely regularised on September 19, 2024. Additionally, the company secured a remission of non-financial penal interest by entering into a beneficial Memorandum of Understanding (MOU) with Capri Global Capital Limited. The remaining amount owed to Capri Global Capital Ltd is currently Rs. 13.50 crore. This agreement puts the organisation in a solid position for future development and stability by highlighting the mutual trust and strong relationship between the parties. This will accelerate the company's building of the Hari Vasant and Hari Aakruti Phase II projects.

The company has given possession of more than 125 residential and commercial units in Nashik, Maharashtra, since April 2024. The remaining units are from several current projects. Of them, 86 come from the Hari Kunj Mayflower project (MAHARERA Reg no: P51600020249) and 24 from the Hari Krishna Phase IV project. With effect from July 09, 2024, the Board authorised Mr. Muthusubramanian Hariharan's appointment as Executive Director and CEO. His term will expire at the following general meeting. In addition to carrying out the company's strategic plan and supervising its vision, purpose, and goals, Mr. Hariharan will be in charge of worldwide business growth. In line with the amended provisions, the company evaluated and authorised the conversion of FCCB for 60 bonds into equity shares during its board meeting on July 29, 2024.

The company successfully transferred ownership of eighteen units from its projects-Hari Kunj Mayflower, 10, Hari Krishna Phase IV, 5, Hari Vishwa, 1, and Hari Sanskruti Phase II-in August 2024. In a related development, the firm has announced that it has finished construction on its three projects, Hari Kunj Mayflower, Hari Krishna Phase IV, and Hari Aakruti Phase II. The company will get completion certificates for these projects from the appropriate government agency.