6th Mar 2014 08:40
LONDON (Alliance News) - The TEG Group PLC saw its shares rise strongly Thursday after it said it had handed over the composting and anaerobic digestion plant it built in Dagenham, East London, to its client TEG Biogas (London) Ltd, a joint venture in which it has a 24.5% stake.
The company, which builds and operates organic composting and energy plants, started building the GBP20 million plant in September 2012. Its contract was worth GBP16 million, and it said the plant build came in on time and on budget.
TEG Group has a 24.5% stake in TEG Biogas, a joint venture led by Foresight Group. TEG Group now has a 15-year contract to operate and maintain the plant, worth about GBP1.3 million in annual revenues.
The TEG Group shares were up 9.0% at 4.09 pence early Thursday, one of the biggest increases on AIM.
By Steve McGrath; [email protected]; @stevemcgrath1
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