(Yicai Global) June 30 -- Shares in China CAMC Engineering advanced as much as 4.2 percent today after the Chinese engineering contractor said that a consortium it leads has been contracted to build a flood control dam in Indonesia in a deal worth CNY1.89 billion (USD280 million).

CAMCE’s share price [SHE:002051] closed up 3.4 percent at CNY8.74 (USD1.30). Earlier in the day it hit CNY8.81.

The consortium, which consists of Beijing-based CAMCE and two state-owned Indonesian firms, will build a 1.5 kilometer-long, 63.8 meter-high dam with auxiliary facilities in a flood-prone area of Makassar, South Sulawesi province, CAMCE said yesterday, citing the contract penned with the Southeast Asian country’s Directorate General of Water Resources under the Ministry of Public Works and Housing.

Servicing 24,400 hectares of irrigated farmland, the dam will help to improve the area’s agricultural irrigation levels, increase flood control capacity and provide employment for local people, it said.

The consortium, in which CAMCE holds a 60 percent stake, will provide a full range of services from design, equipment supply and construction to installation over a period of four years and eight months. The dam should be ready for use by March 2027.

Editor: Kim Taylor