Cavico Corp. (CAVO) is trading 35% higher today. The co. announced that its subsidiary, Cavico Bridge and Tunnel, has signed a construction contract with Electricity of Vietnam for the Song Bung 2 Hydropower project. The contract is valued at $6 million and includes cost escalation clauses that may increase the revenues associated with the project. Co expects to complete construction by 2014.
At last check, CAVO was trading at $2.25, up 35.37%. Day’s range: $1.69 – $2.47.