(Alliance News) - Reway Group Spa announced Thursday that it has been awarded - through its subsidiary Gema - works worth some EUR84 million in the rail sector.

The contracts awarded by Gema mainly refer to four new framework agreements awarded to Reway Group's subsidiary by Rete Ferroviaria Italiana- RFI, in ATI with several partners. Work on these contracts is scheduled to begin in the second half of 2024.

In detail, the most significant contract concerns the routine maintenance of RFI stations and buildings located in the regions of Abruzzo, Umbria, Tuscany, Liguria and Marche, for an amount pertaining to Gema - the lead partner with a 51 percent share in the ATI - of about EUR26 million. The works have an estimated duration of about three years.

In addition to this contract, there is an additional job order worth EUR24.5 million pertaining to Gema concerning the ordinary maintenance in ATI of a f erroviary and annexed stations in the territory of Rome. The work will last about two years and envisages a 49 percent share for Gema in the ATI.

Other projects are in Tuscany, worth about EUR19 million, and in Lazio and Sardinia, worth EUR8.1 million.

Paolo Luccini, president and CEO of Reway Group, said, "These new important contracts acquired in the rail sector, just a few months after Reway Group entered that sector, confirm the validity of a strategic choice that has allowed us to grow even in a highly dynamic and expanding market, at the center of important investments at the national level."

Reway Group's stock is up 2.9 percent at EUR4.90 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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