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- CIMIC Group’s (ASX:CIM) CPB Contractors has been awarded two contracts worth $164 million
- CPB will work on upgrades to two major regional highway projects in Victoria and Queensland
- The projects are focusing on congestion and driver safety and are expected to be completed by 2022
- CIMIC is down 2.97 per cent on the market this afternoon, trading at $30.01 per share
CIMIC Group’s (ASX:CIM) CPB Contractors has been awarded two contracts worth $164 million.
CPB will work on upgrades to two major regional highway projects in Victoria and Queensland.
“Through CPB Contractors, the CIMIC Group has a long track record of delivering high-quality road projects, CIMIC CEO Juan Santamaria said.
“These highway upgrades will provide significant safety and economic benefits for regional communities,” he added.
South Gippsland Highway
The South Gippsland Highway upgrade is between Koonwarra and Meeniyan in Victoria.
The upgrade involves a realignment of the highway to improve driver safety and provide more reliable journeys.
This project is funded by the Victorian and Australian Governments and is expected to be completed by 2022.
Mackay Northern Access
Mackay Northern Access upgrade is located in Mackay, Queensland. This project is funded by the Australian and Queensland Governments and will focus on congestion on Bruce Highway.
CIMIC says this project will improve traffic efficiency by creating additional capacity north of Mackay. The road will be more sustainable to cope with population growth and increases in traffic volumes in the future.
Completion of this project is also expected in 2022.
“CPB Contractors continues to play a key role in delivering vital infrastructure for regional communities across Australia,” CPB Managing Director Diego Zumaquero said.
“We’re committed to working closely with local communities and the governments of Victoria and Queensland to deliver these important upgrades safely and efficiently,” he told the market.
Both projects are currently underway.
CIMIC is down 2.97 per cent on the market this afternoon, trading at $30.01 per share at 1:41 pm AEST.
