12/06/2018 - 15:32

WestStar wins work at $9m development

12/06/2018 - 15:32

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WestStar Industrial has secured a design and management contract for a mixed-use commercial property development in West Perth, while also announcing a $1 million capital raising.

The project is located in West Perth.

WestStar Industrial has secured a design and management contract for a mixed-use commercial property development in West Perth, while also announcing a $1 million capital raising.

Under the contract, WestStar subsidiary Distinct Developments will manage the design and construction of the $9 million project.

WestStar will also provide a $750,000 working capital facility to the owner, 24 Prowse Street Pty Ltd.

The company said it would generate at least $1.3 million from these activities.

WestStar’s other subsidiaries, Precast Australia and SIMPEC, are also expected to win work on the project, which includes the supply and installation of decorated precast concrete panels and the supply of electrical and high-end security products.

“This project is the first significant contract for Distinct Developments,” director Phillip Re said.

“Situated in the highly desirable West Perth precinct, the $18 million commercial and residential mixed-use complex is a welcome addition to ongoing contracts within the WestStar Group.”

WestStar has also raised $1 million, with the company issuing 66.6 million shares at 1.5 cents each.

Regency Corporate acted as lead manager to the placement.

The company said the placement would underpin the upcoming contract for its subsidiaries.

Shares in WestStar finished the day flat at 1.6 cents each.

 

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