- CIMIC Group’s (CIM) 50 per cent owned subsidiary Ventia receives a facilities management contract from the South Australian Government
- This contract is for the asset management of more than 30 government agencies across South Australia such as schools, police stations and hospitals
- It will run for an initial term of five years and seven months with Ventia to receive roughly $300 million in revenue per year
- Transition activities will begin this month with work scheduled to begin in December 2021
- CIMIC has ended the day a slight 0.91 per cent in the green with shares trading at $19.96
CIMIC Group’s (CIM) 50 per cent owned subsidiary Ventia has been awarded a facilities management contract from the South Australian Government.
This contract is for the asset management of more than 30 government agencies across South Australia such as schools, police stations and hospitals.
It will run for an initial term of five years and seven months with Ventia to receive roughly $300 million in revenue per year.
The potential exists for three two-year extensions on the contract.
Transition activities will begin this month with work scheduled to begin in December 2021.
CEO Dean Banks said Ventia is pleased to have received this contract and work on facilities that many South Australians rely on every day.
“South Australians rely on the essential services delivered at more than 3500 Government locations across the state and Ventia is pleased to support the Government of South Australia with the delivery of facility management services to the community, seven days a week, 365 days a year,” Mr Banks said.
“Ventia applies a client-focussed, innovative and sustainable approach to essential infrastructure services and we are excited to bring this approach to the people and Government of South Australia.”
CIMIC has ended the day a slight 0.91 per cent in the green with shares trading at $19.96 in a $6.15 billion market cap.