Logo of Phnom Penh Post newspaper Phnom Penh Post - Ariston signs deals for $95m

Ariston signs deals for $95m

Ariston signs deals for $95m

M ALAYSIAN firm Ariston is reported to have signed memorandums of understandings

with two sub-contractors for development projects in Sihanoukville.

The

move is the first step in Ariston's contract with the Cambodian government to

develop tourism infrastructure in the southern province. According to Malaysian

newspaper reports, Ariston signed memorandums of understanding on May 19 with

Malaysian companies Faber Group and Tenega Nasional.

The first would see

Faber Group and an Ariston subsidiary, Buildview Golf and Country Resort, form a

50/50 joint venture to build a 350-room hotel in Sihanoukville.

The

second involves Tenega constructing and managing a power station in the

province.

Ariston chief executive Dr Chen Lip Keong said the four-storey

hotel, costing about $50 million, would be completed within three

years.

On hand to witness the signing ceremony in Kuala Lumpur was

Cambodian Minister of Tourism Veng Sereyvuth. He later declined to comment on

the issue to the Post, saying: "I am a minister in charge of tourism. I am not a

minister in charge of giving information to journalists."

The Ariston

contract - which the government has refused to give copies of to members of the

National Assembly - is valued at $1.3 billion.

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