Australia's Swoop Holdings soars on contract to build fibre network

Swoop Holdings

22/07/2024 03:33

** Shares of Swoop Holdings  SWP.AX  soar as much as 18.9%
to A$0.220, hitting their highest since late May 
    ** Data and voice services provider says it has signed a
contract for a new network with initial committed revenues of
minimum A$24 mln ($15.99 mln) and up to A$36 mln over next 22
years
    ** Co says it will begin construction of the new project to
expand fibre services in Melbourne, to target completion by FY26
 
    ** Stock had fallen 26% this year, as of last close

($1 = 1.5008 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))