Como-based construction company Forge Group Ltd subsidiary Cimeco Pty Ltd has been awarded contracts worth up to $11 million for the City of Bunbury Library and bridge to Garden Island.
Forge, the recently-listed spinout of Perth-based AI Limited's construction subsidiaries, closed up 7 per cent yesterday, and is currently trading at 60 cents.
Forge shares were issued at 26.9 cents, with the share price rising 108 per cent on listing to finish trade at 56 cents.
The full text of a company announcement is pasted below
The Company wishes to announce the award of contracts totaling $11m to its wholly owned subsidiary Cimeco Pty Ltd.
The City of Bunbury has awarded Cimeco the Bunbury Library and Smart Building contract valued at $9m. This high profile project involves the demolition of the existing library building and construction of a new library and office facility in the Bunbury Central Business District. Project duration is 51 weeks with work scheduled to commence on the 9th July 2007.
A smaller contract for the refurbishment of the low level bridge to HMAS Stirling Garden Island adds further to the work currently being done for the Department of Defence. With maintenance and upgrade services associated with onboard piping systems being provided to Prime Contractors onboard the HMAS Warramunga and HMAS Arunta, Cimeco's current order book for the Royal Australian Navy totals in excess of $2m.