CIMIC (ASX:CIM) to snap up $100m worth of construction deals

Company News

by Michael Luu

ASX-listed infrastructure developer CIMIC Group (ASX:CIM) is set to snap up $100 million worth of construction deals.

The earnings will come from the engineering services provider’s two newly secured projects in Singapore and Western Australia.

CIMIC’s tunnel, rail and road networks specialist Leighton Asia sealed a deal in collaboration with Bintai Kindenko to upgrade electrical systems in the Central Expressway and Fort Canning Road Tunnels on the South East Asian island of Singapore. The project is now underway and competition is expected to be in 3 years.

The domestic deal involves providing engineering and construction services to Western Australia’s Casuarina Prison. Under the contract, CIMIC will assist in the construction of a high-security detention facility and two accommodation complexes over a period of 18 months

The other contract is to construct a high security unit and two accommodation units in an expansion of Western Australia’s Casaurina maximum security prison. This will take about 18 months to complete.

Shares in CIMIC Group (ASX:CIM) are trading 0.8 per cent higher at $18.09