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Conglomerate
Plans Flood Control System
SembCorp
Industries Ltd of Singapore plans to set up a joint venture with Phnom
Penh to build a $300 million flood control and drainage system,
according to media reports.
A
company official said a 50-50 joint venture firm called CambCorp
Construction Ltd would be set up to do the work, but added the firm
had not yet received approval for the project, according to Reuters
and Dow Jones reports. However, Phnom Penh Governor Chea Sophara said
Tuesday he had not yet been contacted about the project. The SembCorp
is a conglomerate linked with the Singaporean government.
The
SembCorp official said his company would not provide financing and
that financing for the project hasn't been finalized. He added that
they are working with a company that could provide money. Last year's
floods, the country's worst in 40 years, caused millions of dollars in
damage.
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