| AIA Engineering announced that the mining products business of Mining Products and Service (MPS), Australia has been transferred to VEGA
MPS (VMPS), Australia. Vega Industries (Middle East) FZC, UAE (VEGA ME), a wholly owned subsidiary of the company has acquired 30% stake in VMPS, Australia at a total consideration of AUD 7,860,000.
VMPS is engaged in the business of design, supply of mining liners
and other parts, process engineering, project management
and quality control capabilities for the mineral processing industry
etc.
VEGA ME has an option to acquire additional 40% Shares in VMPS
over a period of 3 years.
The objective of the acquisition of the business of VMPS is to strengthen the company's mining liner business. |