Shares in construction business, Leighton Holdings (LEI), rose up as much as 1.7% to $58.47 on Friday after it said its wholly owned subsidiary John Holland was awarded a $625 million Sugarloaf Pipeline Project in Melbourne.
The contract involves a construction of a 70km Sugarloaf Pipeline, a major drought-proofing measure linking the Goulburn River to Melbourne's Sugarloaf Reservoir.
The $625 million pipeline is one component of the Victorian Government's Our Water, Our Future plan to secure Victorian water supplies for the long term.
It will transfer 75 billion litres of water to Melbourne, helping to modernise the Food Bowl irrigation system and saving 225 billion litres of water each year.
Melbourne Water, John Holland and designers SKM and GHD are all working in alliance on the project.
"The Sugarloaf Pipeline project is critical to securing Melbourne's water supply. John Holland is delighted to bring our diverse expertise and longstanding experience to this new alliance with Melbourne Water," John Holland managing director David Stewart said.
Shares in LEI were trading 23 cents up to $57.73 at 12.11pm AEST.
