French Ski Resort Developer Soars on Landmark China Contractby
MND awarded 110 million euro international ski project
Snowland site has ambitions to host 2022 Winter Olympics
Montagne & Neige Developpement SACA, a French company that develops ski resorts and cable transport systems, more than doubled in value after winning a 110 million-euro ($117 million) contract to develop a new site in China that has ambitions to host 2022 Winter Olympics events.
Shares in Sainte-Helene-du-Lac, France-based MND rose as high as 5 euros, trading up 77 percent at 4.24 euros as of 9:44 a.m. in Paris. The company, which first sold shares to the public in October 2013, said the three-year order is a “game-changer” for its operations in France and China that will boost the number of employees to more than 500 from 350 now.
The stock resumed trading after a one-day suspension pending the announcement. The rally takes this year’s gain to 127 percent and values the company at about $56 million, though it still leaves MND a long way off its initial public offering price of 6.08 euros.
The Chinese site, called Snowland, is 80 miles (129 kilometers) north of Beijing. With a snow season lasting 150 days, it’s expanding as a tourist and leisure destination and plans to participate in the tender to host the 2022 Winter Olympics.
- Development contract covers a greenfield site and includes construction of new detachable ropeways, an automatic snow-making system covering all 55 kilometers of ski slopes, and safety equipment.
- New destination is candidate to host international competitions for alpine skiing