SHS warns of possible project default on financing woes

Singapore

CONSTRUCTION firm SHS Holdings' delayed solar power project in Bangladesh could face default and a termination of key agreements if required financing is not obtained on time, the company said on Wednesday before the market opened.

If a default is triggered under the agreement with the Bangladesh Power Development Board (BPDB), the group will only be able to recover US$3-8 million of the US$21.7 million already invested into the solar project, SHS said.