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SOFIA (Bulgaria), January 6 (SeeNews) - Bulgarian construction company Trace Group Hold [BUL:T57] said on Monday that a tie-up led by the company has signed a 59.9 million euro ($67.1 million) contract for the modernisation and rehabilitation of the 23-kilometre Nis-Brestovac railway section in Serbia.
Trace Group Hold owns 85% interest in the tie-up, while the remaining 15% are controlled by Bulgaria's Balkantel, Trace Group Hold said in a bourse filing.
Works must be completed within 1,005 days.
The project benefits from EU funding under the IPA II.
As at 14:05 CET on Monday, Trace Group Hold shares traded 2.44% lower at 4 levs on the Bulgarian Stock Exchange.
Trace Group Hold's activities include rehabilitation, reconstruction and construction of roads, highways, airports, underground stations and underground railways, ground railroads and facilities, urban infrastructure and road marking.
($ = 0.8931 euro)