Ventia Services Group (ASX:VNT, NZE:VNT) has been awarded new contracts by the Victorian Department of Transport and Planning to deliver road maintenance services across the Grampians and Eastern Metropolitan regions under the Victorian road maintenance contract model, according to a Tuesday filing with the Australian and New Zealand bourses.
The contracts have an estimated combined value of about AU$340 million over a four-year base term, covering routine maintenance, planned maintenance programs, and minor capital works, subject to government budget approvals and road priorities, per the filing.
The agreements also provide extension options of up to two additional years for Grampians and up to four additional years for Eastern Metropolitan, the filing said.
The company will provide comprehensive road network services, including inspections, hazard and defect rectification, emergency response, and minor capital works across rural and metropolitan arterial roads, starting July 1, the filing added.
The company's shares on the Australian and New Zealand exchanges rose by around 5% and 2%, respectively, in Tuesday's trade.