An artist's impression of the planned $116 million upgrade of the Coffs Harbour Health Campus.
An artist's impression of the planned $116 million upgrade of the Coffs Harbour Health Campus. Trevor Veale

Share price spike due to Coffs Hospital tender

INVESTORS have shrewdly backed the company that has been awarded the $116 million Coffs Harbour hospital expansion works by the State Government.

CIMIC Group company CPB Contractors has been selected by the Berejiklian Government to complete the new five-storey clinical services building with construction works to start in April.

Completion of the project, which also includes a rooftop heli-pad, an intensive care unit and new surgical, maternity and paediatric wards is earmarked for completion by the end of 2021.

Coffs Harbour Hospital Upgrade: Artists video of major upgrade for Coffs Harbour Hospital

As a result of the recent announcement, shares in Cimic rose 3.2 per cent higher to sit at $44.13 before a slight correction.

 

Coffs Harbour hospital.08 MAY 2018
The current Coffs Harbour Hospital. Trevor Veale

CIMIC Group CEO and Managing Director Michael Wright said the project further builds on the CIMIC Group's strong track record in delivering health infrastructure across Australasia through CPB Contractors.

"We're particularly proud to be making this contribution to the quality of life and health care in this rapidly growing and important part of regional NSW," he advised the ASX.

 

New South Wales Premier Gladys Berejiklian announces major upgrade to Coffs Harbour Hospital.  Andrew Fraser was there as well. 08 MAY 2018
New South Wales Premier Gladys Berejiklian announces funding for the major upgrade to the Coffs Harbour Hospital with local member Andrew Fraser in May. Trevor Veale