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NewsSime Darby buys 70% in Australian mining services co
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Sime Darby buys 70% in Australian mining services co
by Cals Fri 14 Mar 2014, 14:01
| Sime Darby buys 70% in Australian mining services co |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Friday, 14 March 2014 13:47 |
KUALA LUMPUR (Mar 14): Sime Darby Bhd has acquired a controlling 70% stake in Australia-based mining maintenance services entity TFP Engineering Pty Ltd for A$3.2 million (about RM9.5 million).
TFP's prized asset is its “Pakka Jacks” jacking-lifting system. Pakka Jacks is used for the maintenance of large mining equipment.
In a statement to Bursa Malaysia today, Sime Darby said its wholly-owned subsidiary Haynes Mechanical Pty Ltd purchased the stake from TFP's owners Gaylene Elaine Poke and Tony Francis Poke.
The buyer and sellers had signed the sale and purchase agreement last month (February).
"The acquisition will enable Haynes to expand its labour hire opportunities from its existing geographical presence in Queensland and Western Australia to the New South Wales coal basin, Tasmania and South Australia, while increasing servicing opportunities through the utilisation of the“Pakka Jacks” system," Sime Darby said.
According to Sime Darby, the firm has the call option to buy the remaining 30% in TFP for A$1.8 million.
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