Service Stream Limited
(ASX:SSM) is in a trading halt to clarify a number of issues around its Syntheo joint venture.
The specialist telecoms construction firm suffered a major blow when NBN Co terminated a contract worth up to $341 million from the Syntheo joint venture with Lend Lease, to build the network in the Northern Territory.
The contract was stripped from Syntheo in March, after NBN Co blamed the contractor for delays to the project rollout in a Senate hearing.
Service Stream says that Syntheo will continue to work for NBN Co in Western Australia and South Australia.
The group says the halt will remain until Thursday morning at the latest.
Service Stream generated a net profit of $8 million in the first half of the current financial year.
