South Korea’s mid-sized constructor Samwhan Corp. that is under court protection has bagged a 45 billion won worth ($42 million) deal to build an apartment complex in Bangladesh.

The company said on Wednesday that it won an order from the Bangladesh Bridge Authority (BBA) to build six 15-story apartment buildings that can accommodate a total of 504 households in Uttara in northern Dhaka. The apartment construction is part of the Bangladesh government’s project to relocate residents in Dhaka in response to the overpass construction in the area. The Korean builder aims to complete the construction within 27 months from its commencement date.

Samwhan has successfully finished 10 construction projects in Bangladesh including the country’s longest Jamuna Bridge, a road connecting Dhaka and Sylhet and the Korean Embassy since it made inroads into the country in 1987.

Since the Jamuna Bridge construction, the Korean company has maintained close relationship with BBA, enabling the company to win another project in the country, a company official said.

Samwhan has been put under court receivership after suffering from poor earnings and liquidity crisis. It is seeking a new owner or partner through a merger & acquisition (M&A) deal to increase capital and speed up its business normalization.

By Lee Ji-yong and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]