Westminster Group soars as Middle Eastern contract nears
Westminster Group saw its share price soar on Friday after the security company reported that it had reached an agreement with an unnamed Middle Eastern client for a major long-term project.
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Westminster's chief executive officer and chairman, whom had recently returned from an extended visit to the region, had reportedly ironed out "all but a few minor commercial and contractual issues" with its prospective client, and that due to the "complexity and increasing potential scope" of the project, the group had agreed to undertake the project in phases.
The initial phase of the project was slated to generate somewhere in the region of €42m a year for Westminster, with any future extension and changes likely to be subject to revision.
The contract, which had received numerous approvals by multiple government departments and organisations, was still waiting on one final internal process before its completion.
Westminster announced that "plans are in place" to raise funds required to support the project's investment, as well as other new managed service contracts and said further details on the matter would be announced in due course.
As of 0900 GMT, shares had leapt 53.07% to 14.35p.