Westminster Group PLC (LON:WSG) noted the formal opening of the new Tema Port facility in Ghana and said negotiations are proceeding, with draft contracts now exchanged regarding a contract to manage, operate, maintain and upgrade, as necessary, the container screening services at this new port.
The AIM-listed firm, a leading supplier of managed services and technology-based security solutions worldwide, pointed out that its revenues will commence once the final terms have been agreed and the formal contract finalised, with further details to be announced in due course.
WATCH: Tema port contract is huge for Westminster but there is more to come says CEO
In the company's AGM Statement on 18 June, it was announced that Westminster had entered into a Technical Partnership Agreement with a Ghanaian company, Scanport Ltd. with the aim and purpose of entering into substantive negotiations with Meridian Port Services Limited regarding a contract for container screening services at Tema.
Westminster Group pointed out that the first phase of the US$1bn expansion project at the port will be formally opened for business today with commercial operations expected to commence on 2 July 2019 when the facility is expected to receive the first vessel to discharge its cargo consignment.
In late morning trading on Friday, shares in Westminster Group were 11% higher at 12.50p.