Australia's Downer EDI gains on defence contract win

DOWNER EDI

14/09/2023 04:39

** Shares of Downer EDI  DOW.AX  rise as much as 1.2% to
A$4.21, their highest since Sept 6
    ** The contracting firm says it has been selected to deliver
the Planning Phase of the Australian Defence Force’s proposed
Woomera Redevelopment Program in South Australia
    ** Says, under contract, Downer CPB joint venture will
commence design development activities for the project, which
has an estimated value of between A$500 mln ($321.35 mln) -
A$750 mln
    ** Adds, revenue from contract will be split 50:50 between
Downer and joint venture partners, CPB Contractors
    ** Stock up ~12% YTD, as of last close


($1 = 1.5559 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))