ASX Briefs...everything...in three bullet points

DOWNER EDI LIMITED (ASX: DOW)

Downer has identified the misreporting of revenue and work in progress in one of its maintenance contracts.
An investigation has been completed, reporting of revenue across all material work in progress contracts has been reviewed.
Downer is confident the misreporting was specific to the contract, a commercial reset has been agreed with the customer and the Utilities management team responsible for the contract has been replaced.

2023-02-27 09:17:00

Downer EDI Limited has entered into an agreement to sell its Australian Transport Projects business to a wholly owned Australian subsidiary of Gamuda Berhad.
The sale price represents an enterprise value of $212 million and Downer will receive cash proceeds at the completion of the transaction.
The divestment of Australian Transport Projects is part of Downer’s ongoing focus on enhancing the alignment of its portfolio and commitment to realise value for shareholders.

2023-02-22 20:13:00

Downer has been selected as the preferred applicant to deliver the Queensland Train Manufacturing Program (QTMP).
Downer will design, manufacture and commission 65 six-car passenger trains, two training simulators, a purpose-built train manufacturing facility at Torbanlea and a maintenance facility and stabling yards at Ormeau.
Downer will also be responsible for maintaining the new rollingstock fleet, simulators and the Ormeau maintenance facility for an initial term of 15 years and a maximum term of 35 years.

2023-02-06 14:17:00

Mark Binns will retire as a Non-executive Director of Downer EDI Limited on 31 January 2023.
This decision was made due to conflicts of interest with Downer's customer base in New Zealand.
Downer's Chairman, Mark Chellew, thanked Mark Binns for his contribution to the company.

2023-01-31 08:55:00