(Alliance News) - Westminster Group PLC said Monday "significant progress" was being made in Ghana related to a contract held by one of the company's subsidiaries, explaining its major share price jump.
Shares in Overthorpe, Oxfordshire-based security firm Westminster were 17% higher at 12.67 pence in London on Monday.
After noting the share price movement, Westminster believed this was due to recent press articles in Ghana related to financial discussions between Meridian Port Services and the Ghana Ports & Harbours Authority.
In mid-September, Westminster said its joint venture Scanport Westminster had been appointed as sole contractor for x-ray screening and other search operations for containers at a new USD1.5 billion container port project in Ghana.
The terminal three Tema Container Port project was being undertaken by Meridian with the firm receiving payments on account of work undertaken. Formal contracts, however, were yet to be signed between Meridian and the GPHA.
"The company is pleased to note that the ongoing discussions between Meridian Port Services and the Ghana Ports & Harbours Authority are reported to have made significant progress and are close to being finalised," Westminster said in a statement.
Further information will be provided when available.
By Ahren Lester; ahrenlester@alliancenews.com
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Westminster Group (WSG)