Westminster Group PLC announced that the ratification process for the 10+ year contract, initially signed in June 2021 for security services to five airports in the Democratic Republic of the Congo ('DRC'), Central Africa, has been completed and contracts signed. The contract, which is for an initial period of 10 years, with a five-year renewal thereafter, is to provide comprehensive ground security operations, initially at four international airports and one national airport in the DRC. Westminster will provide all the investment and expertise required to upgrade security at the airports.

This not only includes the provision of advanced detection, surveillance, and screening equipment, but also the maintenance, training and various support services required to ensure DRC's airport security is run to the highest international standards. This enhancement in airport security will assist the authorities in DRC in developing and maintaining world-class airport security services, opening up the potential for growth in air traffic by attracting new international carriers and commercial enterprises to the region. As part of the programme, Westminster will also be establishing an aviation security training academy to provide certified training to international standards for all aviation security ('AVSEC') staff within the country, ensuring that DRC's AVSEC staff are amongst the best trained, motivated, and valued in the entire region.

The contract is based on Westminster's managed services model successfully deployed elsewhere in Africa. Revenues will be driven by embarking passenger numbers using the airports and funded by a per passenger fee, denominated in USD, collected through the ticketing system and payable directly to Westminster by the airlines or a suitable collection agency such as the International Air Transport Association ('IATA'). Based on current international embarking passenger levels, the contract is expected to generate revenues of circa USD 10m in the first 12 months of operation.

In addition, there is an opportunity under the contract for further revenues, in due course, from domestic traffic and cargo screening operations. The contract includes a 90-day transition period to allow for operational planning and recruitment processes to be completed. Operations and revenues are therefore expected to formally commence in July 2024, although Westminster will immediately deploy its transition team to commence planning, recruitment, training, procurement and logistics.

Initial funding for the project will be from Westminster's own resources and the Company has engaged with specialist corporate advisors to secure required funding beyond that stage, with several options under consideration focussed on project-based debt capital.