Serco signs GBP355m Dubai Metro pact extension

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By Tapan Panchal  www.zawya.com

Serco Group PLC (SRP.LN), a British government services company, said Thursday that it has signed a 355 million pound ($574.72 million) contract with the Dubai Government Roads and Transport Authority, or RTA, to continue operating and maintaining the Dubai Metro rail.

The five-year extension, which will run to September 2019, also has extension option for a further two years to 2021.

Serco first provided pre-launch consultancy and planning to the RTA from 2007, and began operating and maintaining the initial 10 stations of Dubai Metro from its opening on Sept. 9, 2009.

Shares of Serco on Wednesday closed at 540 pence, valuing the company at GBP2.70 billion.

Write to Tapan Panchal at tapan.panchal@wsj.com