Much to the delight of its shareholders, the Gage Roads Brewing Co Limited (ASX: GRB) share price was one of the best performers on the local share market on Monday.
The brewing company’s shares ended the day 18% higher at 7.2 cents.
Why did its shares rocket higher?
This afternoon Gage Roads’ shares emerged from a trading halt following the announcement of a key tender win.
According to the release, the company has been formally appointed as the exclusive supplier of beer and cider to Perth Stadium and the soon-to-be-completed 60,000-seater Stadium Park in Western Australia.
The supply contract will run for five years and is due to commence on January 1 2018.
As well as gaining a boost from sales within the stadium, management believes that the agreement will give the brand invaluable exposure that accelerates sales growth momentum though its existing channels.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.