M&R to dispose of Insig Technologies to AvidSys Group
JSE-listed engineering and mining services group Murray & Roberts' (M&R's) subsidiary M&R UK has entered into a share sale agreement with Perth-based AvidSys Group, in terms of which it will dispose of its 65% shareholding in mining technology company Insig Technologies.
Murray & Roberts has, over the past few years, developed Insig from a small technology company into a mining technology solutions provider.
However, Insig requires further investment to support its growth trajectory, which AvidSys will provide, and M&R's multinational mining platform will continue to make use of services provided by Insig, the group said.
The disposal consideration will comprise a nominal value of A$1, with AvidSys assuming A$7-million of Insig’s liabilities. The disposal will reduce M&R UK's liabilities by A$7-million. Insig had a net asset value of A$2.9-million and made a loss of A$1.7-million for the financial year ended February 28.
The transaction was effective from the execution date of March 27, and the completion date is August 31.
Insig is a Perth-based Australian mining technology company focused on developing mine automation services, providing sensor, software and autonomous solutions by using equipment and personnel tracking for improving efficiency and quality across the mining value chain.
AvidSys is an international group based in Perth, Australia, with a presence in Australia and India. AvidSys operates across several market sectors, including the metals and mining industry. The beneficial owners of AvidSys are the Gautam family.
AvidSys is experienced in technology development, product innovation and mining services, mining and construction infrastructure development.
The acquisition supports its strategy to develop a vertically and horizontally integrated business with investments in mining, raw material processing, construction, mining services and renewable energy, including green hydrogen and infrastructure development.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation