Australia's SRG Global gains on $77 mln contract for industrial services

SRG Global

05/10/2023 01:41

** Shares of SRG Global  SRG.AX  rise as much as 3.3% to
A$0.625 - biggest intraday pct gain since Sept. 4 
    ** The diversified industrial services firm says it has
secured a 10-year maintenance contract with Transpower New
Zealand valued at ~NZ$130 mln ($76.87 mln)
    ** Says contract to provide specialist industrial services
including the removal of existing coatings through specialist
blasting, among others 
    ** Adds contract commences July 1, 2024 for initial 5-yr
term, has further five-year right of renewal from July 1, 2029
    ** SRG stock down 12.3% YTD, as of last close 
    

($1 = 1.6912 New Zealand dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))