Australia's Swift Networks rises most in over 16 months on services deal
04/03/2022 24:05
** Shares of Swift Networks Group SW1.AX rise as much as
35.7% to A$0.019, their biggest intraday pct jump since Oct. 20,
2020
** Telecom services provider says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02495556-6A1080274?access_token=83ff96335c2d45a094df02a206a39ff4
secured a three-year partnership with iron ore miner Roy Hill
Holdings regarding service of its communication solutions
** SW1 says contract comprises of installation fees in 4Q22
and recurring revenues for minimum 3 years; total contract value
is A$3.5 mln ($2.57 mln)
** Adds that deal allows for two 12-month extension options
** SW1 hits highest since Dec. 17
** About 1.3 mln shares change hands, vs the 30-day average
of 431,000 shares
** SW1 down 22.2% this year, as of last close
($1 = 1.3633 Australian dollars)
(Reporting by Sameer Manekar in Bengaluru)
((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))