SINGAPORE: Mainboard-listed forestry and construction firm United Fiber is entering a joint venture to undertake a construction project in Libya worth up to S$1.23 billion.

Its unit, Unifiber Holding, will team up with TSG Asia, an affiliate of US firm The Sandi Group, to build a social housing project in Libya.

The project consists of 5,000 housing units, a hotel, administration buildings and the related infrastructures.

Unifiber says it has agreed with TSG to take a 40 per cent stake in the project. Both sides have also agreed to work on future projects in Libya and Egypt on an exclusive basis.

Unifiber says the contract is expected to contribute positively to its earnings. The company will make further announcements on the financial impact when the terms of the contract are finalised. CNA/yt