Transfield shares have jumped almost 20 per cent after it announced an expansion of its offshore processing contracts. The company says it has received a formal letter of intent from the Federal Government for a 20-month contract to provide garrison and welfare services at the Department of Immigrations Nauru and Manus Island offshore processing centres for asylum seekers. Transfield says the contract is valued at $1.22 billion based on current occupancy levels at the centres, and the companys shares had surged 19 per cent to 94.5 cents by 1:00pm (AEDT). The company is inheriting the Manus Island contract from UK firm G4S, which is embroiled in controversy over its handling of recent riots at the facility, which resulted in the death of an asylum seeker. Read more: abc.net.au/news/2014-02-24/transfield-shares-jump-on-offshore-asylum-processing-contracts/5279466
Posted on: Mon, 24 Feb 2014 14:20:36 +0000
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