ASB -11.25%: announced that they were overlooked for a key Offshore Patrol boat contract with the Philippines Navy despite years of negotiations. There was no value assigned to the potential contract however there was a Memorandum of Understanding in place and Austal would have been confident of securing the deal. Instead they’ll now look to fill the void with orders of commercial ferries to be built at the shipyard in the Philippines.
MM is neutral ASB, holding it in the Emerging Companies Portfolio
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