Australia's Cosol rises on contract extension of defence programme

Cosol

07/04/2021 05:57

** Shares of asset management services Cosol Ltd  COS.AX 
gain as much as 7.1% to A$0.75
    ** Co says IBM has sub-contracted COSOL's unit, COSOL
Australia Pty Ltd, to provide its proprietary IP, RPConnect, and
professional data migration services for the Australian
Department of Defence's ERP transformation programme
 urn:newsml:reuters.com:*:nASX22WxJT
    ** Co says this contract is an extension to current project
work for defence and valued at A$8.5 mln ($6.51 mln) of revenue
    ** Contract is expected to be completed between April 2021
and December 2022 and will contribute positively to COSOL's
financial performance in FY21
    ** Stock posts its biggest intraday percentage gain since
March 31
    ** About 158,000 shares change hands, compared with the
30-day average volume of about 47,000 shares
    ** COS down 10.3% this year, as of last close
($1 = 1.3063 Australian dollars)

 (Reporting by Aditya Munjuluru in Bengaluru)
 ((aditya.srivastsav@thomsonreuters.com))