SKS Technologies Group Lifts CBA Guarantee Facility to AU$48 Million; Shares Hit Record-High
SKS Technologies Group (ASX:SKS) secured approval from Commonwealth Bank of Australia (ASX:CBA) for an additional AU$20 million in bank guarantees, expanding its total guarantee facility to AU$48 million and overall banking facilities, including equipment financing, to AU$52 million, according to a Friday filing with the Australian bourse.The company's bank debt capacity increased 6.5 times within less than four years, per the filing.The expanded funding supports the company's organic growth strategy, which has driven strong expansion since fiscal 2023, with work on hand increasing more than nine times to AU$355 million and the tender pipeline reaching about AU$1.25 billion, the filing added.SKS Technologies' shares rose around 7% in recent Friday trade and earlier hit a record high. Commonwealth Bank of Australia's shares shed 1%.
