CIMIC Group Announces Winning of NZ$750m Waikeria Corrections and Treatment Facility PPP Contract

  • Sep 18, 2018 AEST
  • Team Kalkine
CIMIC Group Announces Winning of NZ$750m Waikeria Corrections and Treatment Facility PPP Contract

Received NZ$750 million Waikeria Corrections and Treatment Facility PPP contract: Cimic Group Ltd saw its stock price (ASX: CIM) rise by 0.929% on September 18, 2018 after the CIMIC group companies Pacific Partnerships and CPB Contractors, with their consortium partners, signed the contract with the New Zealand Government to deliver the NZ$750 million Waikeria Corrections and Treatment Facility Public Private Partnership (PPP) project. The construction has started through an early works agreement and the new Waikeria facility has planned to open in 2022. Pacific Partnerships and CPB Contractors are joined by consortium partners HRL Morrison for financing, Cushman & Wakefield in order to provide the facilities services and electronic security services provider Honeywell.

The Waikeria Corrections and Treatment Facility will be operated by the Department of Corrections. They will have to deliver accommodation for 500 prisoners, along with a secure mental health unit providing care for additional prisoners. The new facility is planned to be built on the site of the existing Waikeria Prison in the Waikato region (upper North Island) of New Zealand, as part of the New Zealand Government’s program to deliver a more effective and humane justice system. Overall, the Waikeria Prison PPP allows the company to continue to deliver whole-of-life project solutions, operational performance and value for all stakeholders.

The group lately announced that THIESS has secured A $418M Centinela extension while Ventia secured road network contracts in Western Australia. In fact, CIMICs THIESS was also awarded $ 190M contract at Leinster Underground. Additionally, UGL secured $ 165m as Maintenance Services Contracts and Sedgman also got US$ 118 m worth of Mineral Processing Contract.

Meanwhile, CIM stock has risen 23.09% in three months as on September 17, 2018  and is trading at a P/E of 22.11x.

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