CIMIC Group’s (ASX:CIM) CPB Contractors has been selected by the Australian Government’s Department of Defence to deliver the development phase of the Australia-Singapore Military Training Initiative (ASMTI) facilities project in North Queensland.
CPB Contractors has also been named as the preferred contractor to manage the second phase of the project, commencing mid-2022.
Combined, the two phases of the project are expected to generate approximately $800 million in revenue for CPB Contractors.
The ASMTI facilities will support Australian Defence Force training and increased access by personnel of the Singapore Armed Forces to Australian military training areas and is set to be complete in late 2027.
Share sin CIMIC Group’s (ASX:CIM) last traded at $23.31.