Monadelphous Group Limited (ASX: MND) Gets In The Panel Of Capital Works Program Of Hunter Water Corporation

  • Oct 05, 2018 AEST
  • Team Kalkine
Monadelphous Group Limited (ASX: MND) Gets In The Panel Of Capital Works Program Of Hunter Water Corporation

Australian engineering company Monadelphous Group Limited today announced the winning of Capital Works Design and Construct program with Hunter Water Corporation for the initial term of four years in exchange of $450 million consideration. With this appointment the group becomes the third contractor in the panel of Hunter Water Corporation Complex Capital Works Design and Construct.

As per the terms of appointment, the capital works program will include Monadelphous Group to provide services for the upgradation and renewal of water, waste water and recycled water systems. The contractor also has an option to extend the term of contract by an additional two 1-year period.

Headquartered in Perth, Monadelphous also told that under this program it has secured the first contract at the Dungog Water Treatment Plant. The work includes the provision of a chemical systems upgrade, filter to waste system, and replacement of current electrical switchboards. The company expects the completion of work by the end of the 2019 calendar year.

Hunter Water is a government owned company which provides drinking water, recycled water and wastewater services. It is located in the Hunter Region of New South Wales, Australia and is a subsidiary to NSW Government. 

Monadelphous Managing Director, Rob Velletri stated that Monadelphous’ appointment to the panel demonstrates the company’s proven track record in the water infrastructure market. He added that the delivery of high quality, safe and reliable services in the water sector well positions the company for future growth.

The share price of Monadelphous Group has been drifting lower from the recent up stream. As the stock has gone down by 0.241% to last trade at $16.570 on 5 October 2018. MND has seen a performance change of +6.34% over the past one year while it most recently traded at PE of 21.820 x with market capitalization of $1.56 billion.

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