Arison - Reuters - 19.4.12
Bank Hapoalim controlling shareholder Shari Arison. Photo by Reuters
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Shari Arison's Shikun & Binui Holdings (also known as Housing and Construction) has won a $390 million road-building project in Nigeria, the company announced Tuesday.

Its Solel Boneh International subsidiary will pave and widen existing highway infrastructure in the Sagamu-Benin region over a three-year period.

Shikun & Binui also announced it had not won a $1.5 billion project in the United States. That project was to plan and build some 60 kilometers of highway in Texas.

Shares of Shikun & Binui closed up 5% in Tel Aviv Stock Exchange on Tuesday at NIS 6.38.

Shikun & Binui is responsible for all the group's infrastructure projects overseas in some 10 countries, mostly in Africa, Central America, Eastern Europe, and Central and West Asia.

The company is trying to expand in the United States and Latin America. It is now preparing to start operations in Florida.

Its overseas infrastructure operations grew by 20% in the first half of 2012 compared to the same period last year. Revenues grew to NIS 1.75 billion.

Shikun & Binui attributed the growth to its entry into new markets, such as Tanzania, as well as expansion in existing ones. Its overseas contracting unit is now responsible for some 73% of its order backlog in the infrastructure business, which totaled some NIS 9 billion at the end of the second quarter of this year.

Arison Holdings owns 47% of Shikun & Binui.