Cimic Group (ASX:CIM) wins Melbourne road upgrade

Company News

by Ortenzia Borre

Cimic Group (ASX:CIM) company CPB Contractors has been selected to deliver an upgrade to a northern section of Melbourne’s M80 Ring Road.

The design and construct contract will generate revenue to CPB Contractors of approximately $331 million.

The upgrade is located on the M80 Ring Road between Sydney Road and Edgars Road, approximately 14 kilometres north of the Melbourne CBD.

Funded by the Australian and Victorian Governments, the upgrade will increase capacity, Construction is scheduled to start in early 2020 and be completed in early.

Shares in Cimic closed 0.86 per cent higher at $33.94 yesterday.